Macquarie Group Shares Tumble, Weighing on the ASX
The Australian share market ended lower on Friday, marking a second consecutive weekly decline. The drop was driven largely by a sharp fall in Macquarie Group shares following a weaker-than-expected earnings report.
Market Performance
The S&P/ASX 200 Index fell 0.7% to 8,769.7 points by the close of trade. It was the second week in a row of market losses, reflecting cautious sentiment among investors.
Macquarie Group Earnings Update
Macquarie Group’s shares slipped 5.7% to $204.77 after reporting a half-year net profit of $1.7 billion for the six months ending September 30. The result came in 10.4% below analyst expectations, according to UBS.
“Macquarie shares tumbled on a disappointing earnings update.”
Tesla Approves Record Pay Plan
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the largest CEO compensation package ever granted to Elon Musk.
Market Wrap-up
Trading concluded around 4:35 pm AEDT. The week ended on a downbeat note for the Australian market, reflecting the broader pressure from financial stocks.
Disclaimer: This report is for informational purposes only and not financial advice.
Author’s summary: The Australian share market closed lower for a second week, with Macquarie’s earnings miss weighing on sentiment while Tesla shareholders backed Elon Musk’s record pay plan.