Australian Share Market Declines Again
The Australian share market closed lower on Friday, marking its second consecutive weekly drop. The S&P/ASX 200 Index decreased by 0.7% to finish at 8,769.7 points.
Macquarie Group Shares Fall Sharply
Shares in Macquarie Group dropped 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, missing analyst expectations by 10.4% according to UBS.
Tesla's Annual Meeting Highlights CEO Pay
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."
"Shareholders approved the highest-ever CEO compensation package for Elon Musk."
Disclaimer
This information is not intended as investment advice. Prices are current as of approximately 4:35pm AEDT.
Happy Friday, and that concludes today’s market update.
Summary: The Australian share market declined for the second week in a row, with Macquarie shares falling after earnings missed forecasts, while Tesla approved Elon Musk's record CEO pay package.