Sydney, May 19, 2026, 02:07 AEST
Macquarie Group shares closed at A$236.55 on Monday, down on the day as the stock traded without its latest dividend attached and Australia’s broader market slid to a seven-week low. The stock traded between A$234.88 and A$238.82, Google Finance data showed. Google
The timing matters. Monday was Macquarie’s ex-dividend date, meaning buyers no longer receive the declared payout. The group’s FY26 final dividend is A$4.20 a share, 35% franked — in Australia, that means the dividend carries tax credits for company tax already paid — with a record date of May 19 and payment due July 2. Macquarie
The market backdrop did not help. The S&P/ASX 200 fell 125.5 points, or 1.45%, to 8,505.3 on Monday, while the All Ordinaries lost 1.52%, as higher oil prices and inflation worries hit risk appetite. CommBank
Macquarie’s move comes less than two weeks after a strong annual result briefly pushed the stock to a record A$249.49. Reuters reported on May 8 that the group’s A$4.85 billion profit beat a Visible Alpha consensus forecast of A$4.39 billion, helped by commodity and trading income. Reuters
The earnings base is still the main argument for bulls. Macquarie said FY26 net profit rose 30% to A$4.847 billion, second-half profit hit a record A$3.192 billion, return on equity rose to 14.0%, and international income made up 68% of total income. Chief Executive Shemara Wikramanayake said the businesses used “specialist expertise in navigating the current environment.” Macquarie
Commodities and Global Markets remained the swing factor. Its profit contribution rose 49% to A$4.221 billion, helped by the OnStream meters sale and higher client hedging activity in gas, power and oil. Macquarie Asset Management, Macquarie Capital and Banking and Financial Services also posted higher profit contributions.
That mix leaves Macquarie trading differently from retail-heavy Australian bank peers such as Commonwealth Bank of Australia, National Australia Bank and Westpac. On Monday, CBA rose 0.84%, while NAB fell 0.55% and Westpac lost 0.36%, according to market data; Macquarie’s drop was clouded by the ex-dividend adjustment. Investing.com Australia
Some brokers remain constructive after the result. JPMorgan raised its Macquarie price target to A$265 from A$240 last week and kept an Overweight rating, Investing.com reported. Investing
But the risk case is not thin. A longer oil shock could support trading revenue at first, then hurt client demand. Macquarie Chair Glenn Stevens called the conflict-driven supply shock “a very difficult shock for policymakers,” while CGM head Simon Wright told Reuters that “prolonged volatility” could bring “more subdued client appetite.” Reuters
Macquarie itself flagged market conditions, inflation, interest rates, major volatility events, geopolitical shocks, foreign exchange and tax or regulatory uncertainty as factors that could shape its short-term outlook. It also said it had ended its on-market buyback, after buying A$1.013 billion of shares at an average A$189.80. Macquarie
With the ASX cash market shut overnight, the next test comes in Tuesday trading. Normal ASX cash-market trading runs from 09:59:45 to 16:00 Sydney time, with the closing auction shortly after; that session will show whether Macquarie’s income-focused holders reset after the dividend date or whether broader selling keeps the pressure on. Asx
