Market Overview
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. The S & P/ASX 200 Index fell by 0.7%, ending the day at 8,769.7 points.
Macquarie Group Performance
Shares of Macquarie dropped 5.7% to $204.77. The half-year net profit was reported at $1.7 billion for the six months ending September 30, which was 10.4% below analyst expectations, according to UBS.
"Macquarie shares tumbling on a disappointing earnings update."
Other Market News
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
Disclaimer
This blog is not investment advice. Prices are current around 4.35 pm AEDT. Live updates on the major ASX indices are ongoing.
Summary
The Australian market declined for the second week in a row, influenced by Macquarie's weak earnings report, amidst positive news from Tesla regarding executive compensation.
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