Stock of the day: Macquarie Group
Macquarie Group reports a cautious outlook and a decline in Q1 profit from market-facing activities, despite figures aligning with the previous year.
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This video was created on 25 July for IG audiences by ausbiz.
Stock of the day: Macquarie Group (ASX:MGQ)
Cautious outlook amidst Q1 profit decline
The wonder kid of the banking industry, Macquarie Group, reported a cautious outlook after revealing a drop in first-quarter profit within its markets-facing business. Chairman Glenn Stevens cited challenging conditions impacting the commodity sector as justification for lower earnings.
While Macquarie did not disclose specific profit figures in the quarterly update, it mentioned that the first-quarter operating group contribution was broadly in line with last year. Despite this, the market responded negatively, leading to an 8% drop in Macquarie's stock price this morning.
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