Australian Share Market Sees Second Weekly Drop
The Australian share market closed lower on Friday, marking its second week of declines. The S&P/ASX 200 Index dropped 0.7% to finish at 8,769.7 points.
Macquarie Group Shares Fall Sharply
Shares in Macquarie Group declined by 5.7%, falling to $204.77. This drop followed the release of its half-year net profit of $1.7 billion for the six months ending September 30, which missed analyst expectations by 10.4%, as reported by UBS.
Tensions and Highlights from Tesla's Annual Meeting
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
This blog is not intended as investment advice.
Market Summary
- Australian market closed lower for the second consecutive week.
- S&P/ASX 200 Index decreased by 0.7% to 8,769.7 points.
- Macquarie shares declined 5.7% amid a profit miss.
- Tesla shareholders approved record CEO pay for Elon Musk.
Prices current around 4:35pm AEDT.
Summary: The Australian share market experienced a second weekly fall, driven by Macquarie's weaker profits and highlighted by Tesla's record CEO pay approval.