ASX and Macquarie Group Shares Decline
The Australian share market closed lower on Friday, marking its second straight week of declines. The S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie Group Earnings Disappoint
Shares of Macquarie Group fell 5.7% to $204.77 following its half-year results. The company reported a net profit of $1.7 billion for the six months ending September 30, missing analyst expectations by 10.4%, according to UBS.
Tesla AGM Highlights
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
"The Australian share market finished lower on Friday — its second consecutive weekly drop."
"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 by 10.4 per cent, according to UBS."
Disclaimer: This blog is not intended as investment advice. Prices current around 4:35pm AEDT.
Summary
The ASX experienced a second consecutive weekly decline, mainly driven by Macquarie Group's weaker-than-expected earnings, while Tesla approved a record CEO pay package.