Macquarie Group Shares Tumble, Weighing on the ASX
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. Investor sentiment weakened after a disappointing earnings update from Macquarie Group.
Macquarie Group Results Miss Forecasts
Macquarie shares dropped 5.7% to $204.77 after the company reported a half-year net profit of $1.7 billion for the six months ending September 30. Analysts noted that the result fell 10.4% short of their forecasts, according to UBS.
"Macquarie's result came in below expectations, contributing to broader losses on the Australian market," analysts said.
Market Reaction and Indices
The S&P/ASX 200 Index fell 0.7% to close at 8,769.7 points. This marks the second straight weekly loss for the index, reflecting investor caution amid mixed corporate earnings updates.
Tesla and Global Highlights
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved what has been described as the largest CEO compensation package ever for Elon Musk.
Disclaimer: This article is for informational purposes only and not intended as investment advice. Prices accurate as of around 4:35 pm AEDT.
Author’s Summary
Macquarie Group’s profit miss triggered a market setback, pushing the ASX lower for a second week while global focus shifted to Tesla’s record CEO pay approval.
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