Macquarie Group Shares Drop, Dragging ASX Lower
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. The S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie Shares Decline After Earnings Miss
Shares in Macquarie Group fell 5.7% to $204.77 following a disappointing earnings report. The company's half-year net profit of $1.7 billion for the six months ending September 30 fell short of analyst expectations by 10.4%, according to UBS.
Tesla’s Annual Meeting Highlights CEO Compensation
Meanwhile, Tesla held its annual general meeting in Texas where shareholders approved the largest-ever CEO compensation package for Elon Musk.
Disclaimer: This blog is not intended as investment advice. Prices current around 4.35pm AEDT.
Live updates on major ASX indices concluded the trading day. Wishing everyone a happy Friday.
Summary
The ASX experienced back-to-back weekly losses, driven notably by Macquarie Group’s earnings below forecasts and a significant dip in its shares.
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