- MAp starts share buy-back, which gives a lift to shares, along with successful Sydney Airport refinancing and lower foreign ownership level.
Macquarie Airports (MAp) shares have bounced back above their listing price (AUD2.00) with a combination of news that saw strong buying on Friday (shares up almost 10%). MAp has commenced its long-awaited share buy-back programme in recent days, albeit with modest initial volumes, while its main asset, Sydney Airport, successfully completed a major debt refinancing arrangement last week, which appears also to have been warmly received by investors.
MAp's foreign ownership levels have also fallen from 39% to 37.8% in Nov-08 - creating more of a buffer to its 40% foreign ownership limit.
The buying continued today, with MAP shares up 3.9% after the morning session in Sydney, at AUD2.11 per share. Macquarie Bank and other key funds, such as MIG, are also higher in a market down some 1%.
Selected airports daily share price movements (% change): 28-Nov-08
Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.