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22.02.2021

Macquarie upgrades guidance, shares at one-year highs

Macquarie upgrades guidance, shares at one-year highs

Just two weeks ago, the Australian investment bank said it was expecting only slightly lower full-year profits

Stocks impacted: Macquarie Group Ltd (MQG)

Macquarie Group said it was expecting its annual profit for the year through March to come in between 5 and 10% higher than the previous year. As a reminder, just two weeks ago, the Australian investment bank said it was expecting only slightly lower full-year profits for the period. According to the company’s statement, extreme winter weather conditions in North America have significantly increased short-term client demand for its capabilities in maintaining critical physical supply across the commodity complex. The company’s stocks gained over 3%, to set one-year highs after the updated guidance was revealed.

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