Sydney, June 8, 2026, 00:05 (AEST)
- ASX won’t trade Monday with markets shut for the King’s Birthday holiday. Macquarie finished at A$236.42 on Friday.
- Cargill is negotiating the sale of its metals business to Macquarie, according to five sources cited by Reuters.
- The week ahead could depend on whether investors treat the talks as just a commodities add-on, or see them as another risk tied to a volatile iron ore market.
Macquarie Group shares are off the board Monday as the ASX closes for the King’s Birthday holiday. That pushes the first shot at Reuters’ story about Cargill talking with Macquarie to sell its metals unit to Tuesday, when the Sydney financial firm trades again.
Talks pick up after a weak week for both Macquarie shares and the wider Australian market. MQG finished Friday at A$236.42, slipping A$0.04 for the day and off about 0.9% from where it closed the previous Friday at A$238.55.
S&P/ASX 200 dropped 0.70% Friday to finish at 8,625.10, as weakness in banks and miners pulled the market down. The Australian benchmark also ended below where it stood on May 29 at 8,731.70.
Cargill’s metals business in Singapore handles 60 million to 70 million metric tons of iron ore and 4 million tons of steel yearly, with around 130 employees, Reuters said. The report also noted there’s no certainty the talks will end in a deal. Macquarie would not comment.
The deal could end up next to Macquarie’s Commodities and Global Markets, or CGM, division. This unit handles financing, risk management and trading for its clients. In other words, it backs customers as they fund, buy, sell and hedge against swings in commodity and financial markets.
Macquarie started this week from a higher earnings base than last year. Full-year net profit jumped 30% to A$4.85 billion in May. CGM profit climbed almost 50% to A$4.22 billion, helped by more client activity during the energy-market swings.
But there’s a hitch. CGM head Simon Wright told Reuters that “prolonged volatility” could mean weaker client demand. Chair Glenn Stevens said a long conflict-related supply shock would make things tough for policymakers, as supply stays tight and prices go up. Reuters
Banks stumble, but Macquarie stands apart. Commonwealth Bank of Australia and ANZ closed down on Friday. Macquarie, though, is less tied to mortgages and has more links to trading, asset management, and deal flow.
Cargill’s talks are drawing less attention as a banking trade and more as a gauge of investor appetite for commodities after strong returns this year. China’s iron ore demand is still unclear. Reuters reports that state-backed China Mineral Resources Group is now in the market, cutting the kind of volatility that normally gives traders an edge.
Cash return is in focus for shareholders now, not earnings. Macquarie’s investor calendar shows a final dividend payment due July 2, after shares went ex-dividend on May 18. Ex-dividend means anyone buying after that date does not get the declared dividend.
Downside risk looks clear. If the Cargill talks break down or iron ore volatility drops, cutting trading margins, the gains from Tuesday may not last. Another hit from a wider selloff in Australian financials could weigh, especially since MQG couldn’t keep its record A$249.49 high reached on results day in May.
