Macquarie Group Shares Drop, Impacting ASX
The Australian share market closed lower on Friday, marking its second straight weekly decline. The S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie's Earnings Update
Shares of Macquarie Group tumbled 5.7% to $204.77 following a half-year net profit report of $1.7 billion for the six months ending September 30. This result fell short of analyst expectations by 10.4%, according to UBS.
Tesla's Annual Meeting
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
This blog is not intended as investment advice. Prices current around 4.35pm AEDT.
Market Summary
- Australian sharemarket ended lower for the second consecutive week.
- S&P/ASX 200 Index decreased by 0.7%.
- Macquarie shares declined by 5.7% amid weaker-than-expected earnings.
- Tesla shareholders approved Elon Musk's record CEO pay package.
Happy Friday, that wraps up today's market update.
Shares in Macquarie fell 5.7 per cent to $204.77 as its half-year net profit of $1.7 billion missed analyst forecasts by 10.4 per cent, according to UBS.
Author’s summary: Macquarie’s profit shortfall triggered a broad decline on the ASX, while Tesla’s AGM spotlighted Elon Musk’s record compensation package.
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