Share price declines for Blackmores Group and Transurban, which were among companies reporting their results, weighed on the sharemarket on Thursday.
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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How this share fund manager defied a sea of red ink to post bumper returnLazard Select Australian Equity Fund blitzed the field to be rated by Mercer as the best-performing Australian share fund, with a 2021-22 return of almost 20 per cent.
Read more »
Magic happens when old and young come together to share storiesA digital storytelling project between residents of a Toowoomba aged care home and pre-teens from a local school is proving there's no such thing as a generation gap as long as gripping yarns are being shared.
Read more »
Steadfast’s results day special gets backing at $5.14 a shareGeneral insurance broker Steadfast Group’s graduation to the big caps hasn’t slowed its appetite for acquisitions.
Read more »
Coal miners reject 5pc pay rises as not good enoughSouth32 coal miners have rejected a pay offer of up to 20 per cent over four years as they push for inflation-level wage growth and a greater share of profits.
Read more »
MST recruits ex-UBS equities boss for advisory workStockbroker MST Financial has recruited former UBS head of equities Gary Head to help it try to win a bigger share of equity capital markets deals.
Read more »
This collector wears two luxury watches and owns 5000 moreAficionado Paxton Wong set up a watch fair to share his passion for timepieces, which all started with his father keeping a gun and an Omega under his pillow.
Read more »