The Distillery: Silver donut shines

Scribes cheer Macquarie’s strong profit and distribution of Sydney Airport securities, but one warns of an end to the rally in bank stocks.

Macquarie Bank impressed the market on Friday with two pieces of good news. First was the announcement of a strong profit result, though as one commentator notes, the earnings of the Millionaires Factory are still some way from the halcyon days of 2006-07. The other news applauded by investors was the decision to offload $1.4 billion in Sydney Airport securities to its own shareholders. Still, one scribe finds a dampener to offset a nice little shareholder sweetener.

Meanwhile, the commentariat can’t help but recap what a great week it was for the nation’s financial sector and ask: what will profits be like when the market is no longer ‘tough’?


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