Macquarie Group Ltd., Australia’s biggest investment bank, expects its full-year earnings to rise as much as 45 percent to the highest since 2008 as the outlook for its fixed-income, currencies and commodities unit improved.
Macquarie Group Ltd. Chief Executive Officer Nicholas Moore said investor confidence is returning along with corporate appetite for mergers, and predicted second- half profit may rise to the highest in three years.
Macquarie Group Ltd. scrapped its profit growth forecast for the fixed income, currency and commodities division, which accounted for 70 percent of trading income at Australia’s biggest investment bank last year, as volatile markets sap market confidence.
Macquarie Group Ltd., Australia’s biggest investment bank, boosted half-year net income 39 percent and proposed to distribute to shareholders its stake in Sydney Airport, sending its shares to a three-and-a-half-year high.
Macquarie Group Ltd. announced plans to buyback as much as 10 percent of its stock, sending its shares higher in Sydney even after announcing profit that missed analysts estimates and cutting its full-year forecasts.
The cycle of government infrastructure investment around the world is “a little softer” than expected as economies recover from the global financial crisis, Nicholas Moore, chief executive officer of Macquarie Group Ltd., told a conference in Sydney today.