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Macquarie accelerates into the market’s blind spot

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Despite impressive results, Macquarie's stock fell 7% after it warned that the bumper performance would be hard to repeat. Even the sensible long game Shemara Wikramanayake is playing makes trading at 3.2x book value hard to justify, says AntonyMCurrie

Macquarie on May 7 reported a profit of almost A$2.7 billion for the final six months of its financial year to the end of March, a 30% increase on the same period a year earlier.The Australian bank generated an 18.7% return on equity for the year and 19.6% on an annualised basis for the second half.A man walks on a pedestrian bridge in front of the Macquarie bank tower in Central Sydney September 18, 2008.

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