Macquarie Group Shares Weigh on ASX
The Australian share market closed lower on Friday, marking its second weekly decline in a row. The downturn was led by a sharp fall in Macquarie Group shares after a weaker-than-expected earnings report.
Market Performance
The S&P/ASX 200 Index slipped 0.7 per cent to 8,769.7 points by the close of trade. Analysts attributed the fall largely to financial sector weakness and investor caution following updates from major corporations.
Macquarie Group Results
Macquarie Group's stock dropped 5.7 per cent to $204.77 after the company reported a half-year net profit of $1.7 billion for the six months ending September 30. This result missed analyst expectations by about 10.4 per cent, according to UBS.
“Macquarie’s results undershot forecasts, adding pressure to the broader index,” UBS noted.
Global Highlights
Meanwhile, in Texas, Tesla held its annual general meeting where shareholders approved the largest CEO compensation package in corporate history for Elon Musk. Market watchers said the decision underscored Tesla’s confidence in its long-term strategy.
Closing Notes
Prices reflect market status around 4:35 pm AEDT. This report is provided for informational purposes and does not constitute investment advice. That concludes today’s trading coverage — Happy Friday.
Author’s Summary
Macquarie’s disappointing profit update dragged the ASX lower for a second week, while Tesla shareholders backed a record-breaking pay package for its CEO.