Australian Share Market Declines on Friday
The Australian share market ended lower on Friday, marking its second straight week of declines. The S&P/ASX 200 Index dropped 0.7% to 8,769.7 points.
Macquarie Group Shares Plunge
Shares in Macquarie Group fell 5.7% to $204.77 after the company reported a half-year net profit of $1.7 billion for the six months ending September 30, which missed analyst expectations by 10.4%.
Tesla’s Annual Meeting and CEO Pay Approval
Meanwhile, Tesla held its annual general meeting in Texas where shareholders approved the largest CEO compensation package ever awarded to 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 by 10.4 per cent, according to UBS."
Disclaimer
This blog is not intended as investment advice. Prices referenced are current as of approximately 4.35 pm AEDT.
Summary
The Australian share market dipped for a second week amid Macquarie's weaker profit report, while Tesla's shareholders endorsed a record-breaking CEO pay package.