Macquarie Group Shares Fall, Dragging Down ASX
The Australian share market closed lower on Friday, marking its second straight week of decline.
Market Performance
The S&P/ASX 200 Index dropped 0.7% to end at 8,769.7 points, impacted heavily by the decline in Macquarie Group shares.
Macquarie Group Earnings Update
Shares of Macquarie Group fell 5.7% to $204.77 after the company announced a half-year net profit of $1.7 billion for the six months ending September 30. This result was 10.4% below analyst expectations, as noted by UBS.
Tesla Annual Meeting Highlights
Meanwhile, Tesla's annual general meeting took place in Texas, where shareholders approved the largest CEO compensation package ever awarded to Elon Musk.
Disclaimer: This blog is not intended as investment advice.
Prices referenced are current as of approximately 4:35pm AEDT on the day of reporting.
Summary
The Australian market's recent decline is largely attributed to Macquarie Group's earnings shortfall, while Tesla’s shareholder decisions continue to draw attention internationally.
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