Australia's Mirvac drops to 2-week low on weaker residential performance

Mirvac

22/10/2026 03:31

** Shares of Mirvac MGR.AX fall as much as 3.4% to A$1.758, their lowest level since October 6 
** Stock marks its biggest intraday pct drop since October 1 
** The Australian real estate firm flags a challenging residential operating environment in FY27, citing the impact of interest rate rises and tax changes
** Logs a 17% fall in first-quarter net residential deposits and logs exchanged, compared with prior quarter
** Still, company reaffirmed FY27 outlook of operating earnings of between 13.2 Australian cents and 13.4 cents per stapled security 
** Slowdown in residential activity was better than feared, analysts at Jefferies say
** Jefferies also noted default rates increased from 0.3% to 1.1% in the first quarter
**  Mirvac shares down over 12%, YTD 

 (Reporting by Shruti Agarwal in Bengaluru)
 ((Shruti.Agarwal@thomsonreuters.com;))