Australia's Macquarie bank share price slashed

0 Comments | AFP, September, 2008

SYDNEY (AFP) — Australia's biggest investment bank, Macquarie Group, was hit by an 18.07 percent plunge in its share price Thursday as fresh shockwaves from financial instability in the United States rocked the market.

Macquarie shares shed 6.13 dollars to 27.80 dollars (22.24 US) midway through the trading session, their lowest level in five years, as the overall market dropped around 3.5 percent.

The fall, extending earlier losses this week, came after Standard & Poors revised its outlook for the group to negative from stable.

The group, which manages assets such as airports and toll roads globally, has suffered from investor concerns over companies carrying large debts in the wake of the collapse of US investment giant Lehman Brothers.

"The...