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., Australia’s largest investment bank, rose to a three-and-a-half-year high after it proposed to distribute to shareholders its stake in Sydney Airport and said first-half profit climbed 39 percent.
Asian stocks fell, with the regional benchmark index paring its weekly advance, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed improving China manufacturing data.
Sydney Airport, owner of Australia’s largest international airstrip, fell the most in 13 months after Morgan Stanley said it may have to raise equity to meet about A$3.6 billion ($3.8 billion) of spending needs.
Chris Niccol grows about 18 hectares of red wine grapes at his farm in Badgerys Creek, about 30 miles (48 kilometers) west of Sydney. The vineyard may disappear under tarmac if plans to build an airport at the site go ahead.