Star Entertainment closes down 9.1% after hitting record low...

	  Star Entertainment closes down 9.1% after hitting record 

low

	  Gold stocks major drag on benchmark 

	  August CPI in-line with expectations 

(Updates to close)

Australian shares slipped on Wednesday, as weaker energy and gold stocks dampened investor sentiment despite in-line inflation easing pressure for near-term interest rate hikes, while Star Entertainment tumbled to a record low.

The S&P/ASX 200 index (xjo) settled 0.1% lower at 7.030.3. The benchmark fell 0.5% on Tuesday.

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 5.2% in the year to August, in line with forecasts and up from 4.9% in July.

"The August CPI data reflects the recent jump in oil prices" said Josh Gilbert, market analyst at eToro.

"The real test for RBA's further rate hikes will come in late October, before November's board meeting when Q3 CPI is handed out." Gilbert added.

Star Entertainment (SGR) closed 9.1% lower after resuming trade since a halt on Monday, and were the top drag on the benchmark.

Shares of the casino operator

hit

a record low earlier in the day after the group announced plans to raise A$750 million ($480.2 million) to undergo a capital restructuring.

Gold stocks .AXGD were among the major losers on the benchmark, falling 2% as the bullion lost shine.

Sector majors Newcrest Mining (NCM) and Northern Star Resources (NST) dropped 2.1% and 2.4% respectively.

Energy firms .AXEJ also emerged as one of the primary drags, ending the day 0.4% lower.

Oil and gas major Woodside (WDS) fell 1.1%. Miners .AXMM lost 0.1% amid lingering demand concerns in top steel producer China's crisis-hit property market.

Financials .AXFJ , however, ended the day little changed, rising about 0.1%. All the 'big four' banks traded in the green with ANZ Group (ANZ) ending the day 0.4% higher.

New Zealand's benchmark S&P/NZX 50 index (nz50) ended 0.2% lower at 11,316.81 points.