Macquarie shares surge on profit outlook

The stock climbed as much as 7.9% in early trade yesterday, and was at A$143.76 at 12:01pm, up 7.1%. The stock has almost doubled from its lows in March 2020 when markets slumped during the first months of the pandemic.(File pic shows the Macquarie Group logo at the HQ in Sydney).

SYDNEY: Macquarie Group Ltd surged the most in 10 months in Sydney trading after raising its profit outlook as markets rebound from the coronavirus pandemic.

“We are now expecting fiscal 2021 to be slightly down as opposed to significantly down, which is where we saw it at the end of the first half, ” chief executive officer Shemara Wikramanayake told analysts at a briefing.