Macquarie Group shares closed a touch lower yesterday after the investment bank confirmed previous full-year guidance for a slight fall in earnings for the 12 months to March 31.
Ahead of an operational briefing, the Sydney-based financial group said conditions were “satisfactory” in the December quarter.
It said the profit contribution from its “annuity-style” businesses – those in asset management and commercial banking – increased compared with a year earlier.
But profits in the more volatile “markets-facing” businesses, which include commodity trading and investment banking, were down “significantly.”
MQG hit a record high of $147.55 on Monday before eventually closing at $146.34. Yesterday they eased 0.3% to $145.53.
Macquarie Asset Management had assets under management of $A587.5 billion at 31 December 2019, up 5% from September 30, 2019.
