The local market closely followed the negative global lead on Friday with the S&P/ASX 200 (ASX: XJO) experiencing its worst session since Russia invaded Ukraine.
All 11 sectors of the market were lower with technology and real estate the hardest hit, down 4.5% and 3.4% for the day, whilst consumer staples naturally outperformed, falling just 0.2% behind a solid gain from both Coles Group Ltd (ASX: COL) and Wesfarmers Ltd (ASX: WES).
Macquarie delivers bumper profit
Macquarie Group Ltd (ASX: MQG) was the standout, with the financial conglomerate releasing its FY22 report and delivering a 56% jump in profit to $4.7 billion, driven by strong growth in its Capital Markets and commodities businesses.
Macquarie Capital, which undertakes takeovers, capital raisings and the like, nearly tripled profit to $2.4 billion, whilst the commodities facing division had another record period with higher levels of volatility in energy and oil prices driving up demand for its unique hedging products.
The result was a near 25% increase in the dividend, however, Macquarie shares fell 7.8% on the weaker global market sentiment.
Both News Corp (ASX: NWS) and REA Group Limited (ASX: REA) also reversed, with the latter falling more than 8% on the global tech selloff despite delivering revenue growth of 23%, and a similar jump in earnings in the third quarter.
ASX weekly movers
The loss across the week was 3.1% with every sector lower, but utilities and staples outperforming, down 0.3% and 1.3%, respectively.
The highlight was Magellan Financial Group Ltd (ASX: MFG) which gained 5.8% alongside Amcor CDI (ASX: AMC) which added 5.4% across the week.
AVZ Minerals Ltd (ASX: AVZ) was the ASX 200’s biggest weekly detractor, tumbling 21.2%, with ARB Corporation Limited (ASX: ARB) not far behind with a 20.7% fall.
ASX 200 today
Looking ahead, the ASX 200 is expected to open lower this morning, following a negative lead from US markets on Friday.
The Dow Jones retreated 0.3%, the S&P 500 dropped 0.6% and the Nasdaq fell 1.4%. To find out more, check out my US stock market report.
