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Macquarie at 2008 High as Profit Seen at Upper End of Range

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Macquarie Group Ltd. rose to a seven-year high in Sydney trading after Australia’s largest investment bank said it expects full-year profit to be at the upper end of its previously forecast range.

Trading conditions for its capital markets, commodities and financial markets units have improved, the Sydney-based firm said in a filing Tuesday. The shares rose 3.1 percent to A$70.57 at 1:45 p.m. local time, the highest since January 2008. Macquarie estimated Jan. 19 profit in the year to March 31 will increase by 10 percent to 20 percent.