Macquarie Group Shares Tumble, Weighing on the ASX
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. Pressure came mainly from a slide in Macquarie Group shares after a disappointing earnings report.
Market Performance
The S&P/ASX 200 Index dropped 0.7 percent to 8,769.7 points. This decline reflected investor caution following weaker-than-expected financial results from major institutions.
Macquarie’s Results
Macquarie shares fell 5.7 percent to $204.77 after the company posted a half-year net profit of $1.7 billion for the six months ending September 30. UBS reported that this figure missed analyst expectations by about 10.4 percent.
“Shares in Macquarie fell 5.7 per cent to $204.77 as its half-year net profit of $1.7 billion for the six months ending September 30 missed analyst forecasts.”
Tesla’s Annual Meeting
In Texas, Tesla held its annual general meeting, where shareholders approved a record-breaking CEO compensation package for Elon Musk, setting a new benchmark for corporate pay.
Disclaimer
This report is for informational purposes only and does not constitute investment advice. Prices current as of around 4:35 p.m. AEDT.
Author’s summary: Investor sentiment weakened as Macquarie’s earnings miss dragged the ASX lower, while Tesla drew attention for approving an unprecedented pay deal for Elon Musk.