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Auckland Airport shares jump on Dubai deal


Monday 23rd July 2007

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Shares in Auckland International Airport were up as much as 15c early today on news of a deal that would see Dubai Aerospace Enterprise invest up $2.6 billion for a stake of up to 60%.

Shortly after the sharemarket's 10am opening nearly 800,000 of the airport's shares had changed hands at prices up to $3.46.

Despite that, the benchmark NZSX-50 index was only just in positive territory around 15 minutes after opening, up 1.4 points to 4321.67.

That was about 20 points shy of its all-time high and followed a 26 point gain on Friday.

No shares were traded in Tourism Holdings early -- with the price having closed on the Friday at $2.70c -- as the market awaited word on whether a takeover bid from MFS Living and Leisure has been successful.

MFS Living's $2.80 a share bid was conditional on obtaining 90% acceptance.

Other stocks to rise early today included Fletcher Building up 2c to $12.75, Infratil 4c to $3.16, Port of Tauranga 2c to $6.70, Steel & Tube 7c to $4.90, and The Warehouse 2c to $6.05.

Stocks to fall early included Air New Zealand, off 9c to $2.60, Contact Energy, also off 9c to $9.36, Fisher & Paykel Appliances down 5c to $3.71 and F&P Healthcare 1c to $3.22.

Guinness Peat Group was down 2c early to $1.97, Hallenstein Glasson 5c early to $4.70, Pumpkin Patch 2c to $3.44, and Telstra 24c to $5.01.

In the US stocks tumbled on Friday, battered by disappointing results from such bellwethers as Caterpillar and Google, and more signals that fallout from the risky subprime mortgage market may spread.

The Dow Jones industrial average fell 1.07% to end at 13,851.08.
The Standard & Poor's 500 Index lost 1.22%, to finish at 1534.10. The Nasdaq Composite Index dropped 1.19% to close at 2687.60.

The Dow ended the week down 0.4%, the S&P fell 1.2%, and the Nasdaq skidded 0.7%.

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