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Infratil gains on European airport sale speculation, Chinese airports down


New Zealand airports operator Infratil gained 3.3% in trading on Tuesday, as analysts speculated that the company could sell its shares in its Glasgow Prestwick and Kent airports. At the company’s recent interim results presentation, presented on 17-Nov-2009, CEO, Marko Bogoievski, commented that the current financial markets demand “a more active approach to managing the portfolio and recent transactions are more reflective of corporate finance considerations than a shift in the underlying approach to investment."

Infratil recently sold its 3.9% share in Auckland International Airport for USD63.4 million, taking a significant loss, and also sold its 90% stake in Lubeck airport back to the local government for approximately USD46 million. The company is reportedly looking at reinvesting in the energy market.

Also in the Asia Pacific, Korea Airports gained 0.7% while Malaysia Airport were up 0.3%.

Chinese airport shares were down heavily. Xiamen lost 5.8%, with Shanghai, Shenzhen, Guangzhou Baiyun and Beijing also down substantially. Hainan Meilan was less affected, down just 1.3%.

Selected airports daily share price movements (% change): 24-Nov-09

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