Macquarie Group Shares Fall, Dragging ASX Down
The Australian share market closed lower on Friday, marking its second week in a row of declines. The benchmark S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie Group Earnings Disappoint
Shares of Macquarie fell 5.7% to $204.77 after reporting a half-year net profit of $1.7 billion for the six months ending September 30, missing analyst expectations by 10.4%, according to UBS.
Tesla Annual General Meeting Highlights
Separately, Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
"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."
Disclaimer: This blog is not intended as investment advice. Prices are current around 4.35pm AEDT.
Summary
The Australian share market experienced a second consecutive weekly decline led by a sharp drop in Macquarie Group shares following a weaker-than-expected earnings report.
Would you like the summary to be more focused on market impact or company-specific news?