Macquarie Group Shares Tumble, Weighing on the ASX
The Australian share market closed lower on Friday, marking its second straight weekly decline. The slide was mainly driven by a sharp fall in Macquarie Group shares after a disappointing earnings update.
Market Performance
The S&P/ASX 200 Index dropped 0.7 percent to 8,769.7 points, reflecting cautious sentiment across sectors. At 4:35pm AEDT, market prices showed modest losses across major indices.
Macquarie Group Results
Macquarie shares fell 5.7 percent to $204.77 after reporting a half-year net profit of $1.7 billion for the six months ending September 30, missing analyst expectations by 10.4 percent, according to UBS.
Macquarie’s half-year profit missed analyst forecasts, triggering a broad sell-off in financials.
Other Corporate News
Meanwhile, Tesla held its annual general meeting in Texas. Shareholders approved what is considered the largest CEO compensation package ever granted to Elon Musk.
Disclaimer
This article is for information purposes only and does not constitute investment advice.
Author’s Summary: Macquarie’s weak earnings dragged the ASX lower for a second week, while Tesla investors backed Elon Musk’s record-breaking pay deal.