Elsewhere, Pinnacle Investment Management Group enjoyed the biggest rise of the day, jumping by 12.2 per cent to $11.30 after it announced positive results on Tuesday, with net profit after tax up 14 per cent to $76.4 million. UBS analysts said in a research note that the profit was $3.4 million more than they expected.

Shaw and Partners senior investment adviser Adam Dawes said the market – which traded at lower than normal volume on Wednesday – was looking ahead to earnings season, beginning next week. He expected healthcare and resources stocks to do well, while consumer discretionary stocks may struggle as interest rates rise.

“The tech sector has been beaten down so much that it’s probably going to do OK, but that’s a tough space to be in at the moment,” Dawes said.

Dawes said technology stocks had enjoyed a slight sharemarket rebound in the past month as some investors sensed interest rate rises may now slow, with the sector suffering the most as central banks began monetary tightening earlier this year.

“We potentially can see the top of the mountain at the moment,” Dawes said.

Tweet of the day:

Quote of the day: “[We are] nowhere near almost done. We have made a good start and I feel really pleased with where we’ve gotten to by this point. But let’s just remember the last numbers on inflation, 9.1 per cent, those are far too high,” said San Francisco Fed president Mary Daly on the US central bank’s interest rate tightening.

You may have missed: The Australian Bureau of Statistics released data today which showed retail sales rose 1.4 per cent in the June quarter to reach a new record. ABS head of retail statistics Ben Dorber said the data also showed cost of living increases had mainly impacted household goods spending, while restaurant, cafe and takeaway sales led the growth.

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