Macquarie Group Shares Drop, Dragging ASX Lower
The Australian share market ended Friday lower, marking its second straight weekly decline. The S&P/ASX 200 Index slipped 0.7% to close at 8,769.7 points.
Macquarie's Earnings Disappoint
Shares in Macquarie Group dropped 5.7% to $204.77 following a half-year net profit announcement 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 AGM Highlights CEO Pay
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 intended as investment advice. Prices current around 4.35pm AEDT.
Live Market Summary
- Australian sharemarket fell for the second consecutive week
- S&P/ASX 200 Index closed at 8,769.7 points
- Macquarie shares fell 5.7% to $204.77
- Macquarie reported a half-year net profit of $1.7 billion, missing forecasts by 10.4%
- Tesla shareholders approved Elon Musk's record CEO compensation
End of Day Note
That's all for today. Happy Friday.
"Shares in 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."
Author's summary: The ASX faced a second weekly drop driven by Macquarie's earnings miss, while Tesla approved Elon Musk's highest CEO pay package to date.
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