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’?