Australian shares closed marginally weaker on Monday, dragged by losses in heavyweight mining stocks, while investors waited for initial trends from the earnings season and first-quarter inflation print due later this week.

The S&P/ASX 200 index settled down 0.1% at 7,322.0 points.

Miners fell 1.8% to hit their lowest closing level since March 29.

Australia’s first quarter inflation data is due on Wednesday, with a Reuters poll projecting headline inflation to rise by 1.3% quarter on quarter, compared with previous quarter’s 1.9%.

“I expect first quarter inflation to be flat or slightly lower tracking weak oil prices and a slowdown in economic activity globally”, Brad Smoling, managing director at Smoling Stockbroking said.

In individual stocks, Fortescue - the world’s fourth largest iron ore miner closed down 3.4% after posting steady iron ore shipments in the March quarter. Sector heavyweights Rio Tinto dropped 3.3% and BHP Group declined 1.9%.

Gold stocks also slipped 1.1% to hit their lowest since April 11.

De Grey Mining slid 0.6%, while Newcrest Mining lost 0.9%. Diversified miner South32 cut output guidance for several operations, sending shares down nearly 7.4%.

Lithium stocks, however, notched gains, led by a 5.2% jump in Pilbara Minerals, on hopes they would benefit from higher demand for Australian stores of the white metal after Chile unveiled plans to nationalise the industry.

Australian shares fall as financials, mining stocks drag

Counterbalancing some losses on the benchmark index, technology stocks rose 1%, tracking fractional overnight gains on Wall Street.

Healthcare and real estate shares gained 1% and 1.1% respectively.

Meanwhile, funeral services provider InvoCare logged its worst session in nearly two months as US-based private equity firm TPG Global backed out of its A$1.81 billion ($1.21 billion) takeover bid for the company.

New Zealand’s benchmark S&P/NZX 50 index rose 0.8% to finish the session at 12,026.39.