Macquarie Group shares tumbled for the tenth straight day yesterday, forcing Australia’s largest investment bank to issue a second market statement in two trading days saying it has no need to go to the market for capital.

As the stock price fell a further 7 per cent to A$15.75, Macquarie yesterday sought to reassure the market that it was taking steps to reduce the massive discount to net assets of its network of satellite funds. The closing price was the bank’s lowest close since December 30 1998.

The investment bank again outlined the debt reduction strategies adopted by the satellites, including asset sales. Macquarie also tried to put investor concerns to rest by saying it expected to receive “a return of capital from the listed funds over the next six months”. Despite constant assurances from Macquarie that it is financially sound, the bank has been beset by negative market rumours over the past ten trading days. Yesterday’s rumour had Macquarie as the target of a concerted attack by a pool of “bear” traders speculating on a fall in its share price – along with QBE, the general insurer, and Suncorp, the banking and insurance group.