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.

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