Macquarie Group Shares Tumble, Weighing on the ASX
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. The drop was largely driven by a fall in Macquarie Group shares following a weaker-than-expected earnings report.
Macquarie’s Earnings Miss Forecasts
Macquarie shares slipped 5.7 percent 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 percent, according to UBS.
Market Overview
The S&P/ASX 200 Index fell 0.7 percent to close at 8,769.7 points. This marks the second week in a row of overall market losses as investor sentiment cooled amid mixed corporate earnings.
Tesla’s Record Compensation Vote
Meanwhile, in Texas, Tesla held its annual general meeting where shareholders approved what has been described as the highest-ever CEO compensation package for Elon Musk.
Disclaimer: This blog is not intended as investment advice. Prices current around 4:35pm AEDT.
That concludes today's trading wrap. Happy Friday.
Author’s Summary
Australian stocks ended the week lower as Macquarie’s weaker earnings report weighed on the ASX, even as global headlines focused on Tesla’s record-setting CEO pay approval.