Sydney, February 10, 2026, 16:44 (AEDT) — The session wrapped up with the market now closed.
- Macquarie shares ended up after the third-quarter trading update, having surged roughly 4% at the open.
- Asset management and commodities set the pace. Mortgage growth held up, though margins are still squeezed.
- Attention is turning to the tax-rate outlook, with May’s full-year result now in focus.
Shares of Macquarie Group Ltd (ASX: MQG) finished Tuesday’s session 0.8% higher at A$214.50, trimming gains after a strong jump earlier in the day. The stock reached as high as A$221.32 before late selling took the edge off, following news from the company that trading in the December quarter remained steady.
Timing’s key here. Macquarie stands out among Australian financials, with a sizable slice of profits tied to markets — think performance fees, asset disposals, commodities trading. Those lines can turn fast if the backdrop shifts.
It’s one of the rare straightforward looks at the market ahead of the March year-end. Macquarie skips a full group quarterly profit number, leaving investors to pore over the divisional “net profit contribution”—that’s a management metric, backing out tax and a handful of corporate line items. Anything management offers as a short-term indicator also gets close attention.
All four of Macquarie’s operating groups posted higher net profit contributions for the quarter ended Dec. 31 versus a year ago, with Macquarie Asset Management getting a boost from selling off its North American and European public investments business. Assets under management climbed 3% from September to A$736.1 billion, while the banking business saw a 6% jump in deposits to A$204.5 billion and a 7% rise in its home loan book, now at A$172.2 billion. Macquarie Capital flagged its A$28.9 billion private credit book. The group finished the period with an A$7.5 billion capital surplus above regulatory minimums. CEO Shemara Wikramanayake described Macquarie as “well-positioned to deliver superior performance in the medium term”. Macquarie
The S&P/ASX 200 barely budged, slipping just 0.03% to 8,867.40. Traders zeroed in on individual names like MQG for most of the action.
Traders zeroed in on the numbers that move the shares: Macquarie’s short-term indicators suggested investment-driven income at Macquarie Capital is up, “net other operating income” at Macquarie Asset Management jumped sharply, and commodities income in Commodities and Global Markets is also climbing. The stock spiked as much as 4%—biggest single-day jump since mid-October. UBS called the core numbers “strong,” though noted Macquarie’s warning about a higher effective tax rate for 2026, now seen around 31%, took some shine off. Citi didn’t expect the update to move the needle on FY26 forecasts. Reuters
The banking segment doesn’t make much noise, but it’s far from minor. Macquarie keeps advancing into Australia’s mortgage market, an arena where the big four — Commonwealth Bank, Westpac, National Australia Bank, and ANZ — steer both pricing and margins.
The upside, though, is hardly a straight path. Performance fees and asset realisations often show up in lumps, while income from commodities trading drops off when volatility settles down. The bank’s flagged risks: tax shifts, new rules, and currency swings—all of which can throw near-term numbers off course.
Looking ahead, dealers are watching to see if the stock manages to keep its gains from the post-briefing rally, with brokers now factoring in the effective tax rate that management flagged. Another focus: is the jump in commodities income sustainable, or was this quarter just a lucky one-off?
Macquarie’s investor calendar shows the full-year results are set for release on Friday, May 8, 2026. Shares are slated to go ex-dividend the following Monday, May 18.
