Macquarie Airports (MAp) shares bounded ahead 5.6% yesterday, even as it announced plans to sell its stake in Japan Air Terminal (JAT) - at a loss - and slashed its full-year dividend guidance. If MAp investors were happy the company is better off without an exposure to the Japanese market at present, JAT investors were delighted at being free of MAp's influence, with its shares surging 7.3%. Given the response to the sale by the market, could MAp be tempted to offload its stake in Mexico's ASUR too?
MAp's exposure to Brussels Airport has also been a drag lately, though latest traffic data for April show some improvement. Cargo volumes are were down (only) 40% year-on-year, while passenger numbers were down 5.3% last month to 1.5 million.
Brussels Airport passenger number growth and cargo volume growth: May-2008 to Apr-2009
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Selected airports daily share price movements (% change): 20-May-09