Australian Share Market Declines for Second Week
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 Plunge on Earnings Miss
Shares of 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. This result was 10.4% below analyst forecasts, according to UBS.
Tesla’s Annual Meeting and CEO Compensation
Meanwhile, Tesla held its annual general meeting in Texas, where shareholders approved the largest CEO compensation package ever awarded to Elon Musk.
This blog is not intended as investment advice. Prices are current around 4.35pm AEDT.
Summary
The Australian stock market extended its recent slide, led by a notable drop in Macquarie shares following earnings that fell short of expectations, alongside Tesla's significant CEO pay approval.
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