UBS has placed a $15.35 price target, nearly 10 per cent above its closing price, but warned that elements of forward guidance for financial 2023 were disappointing.
The technology sector fared worst among the 11 sharemarket sectors, tumbling 2.4 per cent. The utilities and consumer discretionary sectors both had declines of more than 1 per cent.Energy companies were winners with that sector gaining 1.4 per cent, edging ahead of healthcare shares, which traded 1.1 per cent higher.
Treasury Wine Estates shares edged 4 per cent higher to $13.14, the second-best performer on the day, on its latest results.
A tighter labour market will add pressure on the Reserve Bank of Australia to further tighten monetary policy as employers hungry for workers raise wages, adding further inflationary pressure across the economy.