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S&P includes MAp in its top 50 index; Japan to overhaul airport's accounting procedures

MAp (+3.3%) shares were on the rise on Friday (03-Sep-2010). Standard & Poor's announced plans to include MAp in its index of Australia’s 50 largest companies, replacing New Zealand’s Telecom Corp.

MAp’s market worth totals just under AUD6 billion, which means that when it is included in the index in the middle of Sep-2010, it will rank among the 30 largest companies in the index - larger even than one of its major customers, Qantas, which is worth AUD5.7 billion.

In Japan, Transport Minister Seiji Maehara vowed to overhaul airports’ accounting procedures and halt further construction following reports that only four out of Japan's 26 main airports, mostly run by the central government, are profitable. Japan Airport Terminal shares rose by 0.4% on Friday.

Other Asia Pacific airport operators that gained ground yesterday included Hainan Meilan (+3.7%) and Infratil (+1.2%). Korea Airport (-0.6%) and Malaysia Airports (-0.6%) shares fell.

Selected airports daily share price movements (% change): 03-Sep-2010