MAp bounces back, Hochtief continues to climb– Airports Share Wrap
After announcing its separation from parent Macquarie Group, Macquaire Airports' share price suffered heavily, dropping more than 13.6% over the space of five days. However, with Macquarie Group apparently unwinding its listed-funds model and defending its decision to separate the unit, MAp's share price rose 4% yesterday. Investor confidence in MAp appears to be growing again, and the stock was up more than 4% in early trading again this morning.
Hochtief's shares rose 4.9% yesterday, as the stock continues to gain ground after the company's CEO, Herbert Luettkestratkoetter, reiterated the company's guidance for 2009. The company won EUR116 million in contracts in airport contracts in Poland earlier in the week. With an order backlog of more than EUR31.5 billion in development projects, the company expects profit before taxes and consolidated net profit will be similar to 2008.
Selected airports daily share price movements (% change): 30-Jul-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance