Sydney, May 19, 2026, 02:07 AEST
Macquarie Group ended Monday at A$236.55, slipping as the shares traded ex-dividend and the Australian market fell to a seven-week low. The stock moved between A$234.88 and A$238.82, according to Google Finance.
Timing was key. Macquarie shares went ex-dividend on Monday, so new buyers missed out on the declared payout. The FY26 final dividend is A$4.20 per share, with 35% of it franked. That’s the portion carrying Australian tax credits. The record date is May 19. Payment is set for July 2.
Stocks slid Monday, with the S&P/ASX 200 down 125.5 points, or 1.45%, to 8,505.3. The All Ordinaries dropped 1.52%. Markets struggled as higher oil prices and inflation concerns weighed on risk appetite.
Macquarie acted less than two weeks after its annual results sent shares to an all-time high of A$249.49. Reuters said on May 8 the group posted a A$4.85 billion profit, topping the Visible Alpha consensus of A$4.39 billion, thanks to strong commodity and trading income.
Bulls are still pointing to the earnings base. Macquarie reported FY26 net profit up 30% to A$4.847 billion, and record second-half profit of A$3.192 billion. Return on equity climbed to 14.0%. International income made up 68% of the total. CEO Shemara Wikramanayake said the group used “specialist expertise in navigating the current environment.” Macquarie
Commodities and Global Markets was still the big swing. Profit from the division jumped 49% to A$4.221 billion. That was boosted by the OnStream meters sale as well as more gas, power and oil client hedging. Macquarie Asset Management, Macquarie Capital and Banking and Financial Services all reported higher profit too.
Macquarie is trading on a different path compared to retail-focused rivals like Commonwealth Bank of Australia, National Australia Bank and Westpac. Commonwealth Bank climbed 0.84% Monday, NAB dropped 0.55%, and Westpac slipped 0.36%, market data showed. Macquarie’s fall was also affected by the ex-dividend adjustment.
JPMorgan still likes Macquarie. The broker lifted its target on the stock to A$265 from A$240 last week and kept its Overweight call, according to Investing.com.
But the risk isn’t small. An extended oil shock might boost trading revenue early on, but it could weigh on client demand after that. Macquarie Chair Glenn Stevens said the conflict’s supply shock is “a very difficult shock for policymakers,” and CGM head Simon Wright told Reuters that “prolonged volatility” could lead to “more subdued client appetite.” Reuters
Macquarie said its short-term outlook could be affected by market conditions, inflation, rates, volatility, geopolitical shocks, FX swings and tax or regulatory questions. The group ended its on-market buyback after buying back A$1.013 billion in shares at a mean price of A$189.80.
ASX cash market trading was closed overnight, so the focus shifts to Tuesday’s session. The regular ASX cash market goes from 09:59:45 to 16:00 Sydney time, ending with the closing auction. That’s when it will be clear if income-focused Macquarie holders reposition after the dividend date or if selling continues to weigh.
