What: ASX-listed global investment bank Macquarie Group Ltd (ASX: MQG) held its 2015 operational briefing today in Sydney. It appears investors like what they heard, with the share price rallying to a new 52-week high of $71.10 during Tuesday's trading session before pulling back slightly, but still ending up around 3% higher for the day.
So what: The operational briefing provided an opportunity for management to focus investors' attention on a number of highlights including:
- trading conditions across the group continued to improve during the December 2014 quarter
- capital markets facing businesses experienced improved trading conditions
- the group has a $1.4 billion surplus to minimum regulatory capital requirements
- Macquarie Asset Management's assets under management grew to $453.3 billion by the end of December
- Macquarie Securities retained its number one position in initial public offerings in Australia and New Zealand, both by number and value of deals
Now what: Management provided updated guidance that it expects full year profit to be at the upper end of the previous guidance range for growth of between 10% and 20% on the prior year.
Investors will have to wait until 8 May to find out the final figure which is when the group is forecast to announce its full year results (Macquarie operates on a 31 March financial year), however, judging by today's price action, investors are already adjusting up their valuation of the stock.
