Australian Share Market Declines for Second Week
The Australian share market closed lower on Friday, marking its second weekly decline in a row. The S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie Group Shares Fall Sharply
Macquarie Group shares tumbled 5.7% to $204.77 following a disappointing earnings report. The bank announced a half-year net profit of $1.7 billion for the six months ending September 30, missing analyst forecasts by 10.4%, according to UBS.
Tesla's Annual General Meeting
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 are current around 4.35pm AEDT.
Market Summary
- ASX experienced a second consecutive weekly drop.
- Macquarie’s share decline reflected earnings below expectations.
- Tesla’s shareholders approved a record CEO pay package.
That’s all for today, Happy Friday.
Summary: The Australian market fell again this week due to Macquarie’s weaker earnings, while Tesla's shareholders backed a record pay package for CEO Elon Musk.
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