Macquarie tips lift in FY profit

Group says second half will be stronger than H1, shares fall 3% in early trade.

Macquarie Group (MQG) has reiterated its expectation that its full-year profit in fiscal 2013 will be an improvement on the previous year, so long as market conditions remain stable.

Investors responded poorly to the news. At 1032 AEDT fell 3.15% to $53.89, against a benchmark index lift of 0.06%. In earlier trade, shares hit as low as $53.80.


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