Macquarie Airports rallies on buyback, successful Sydney re-financing

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.