ANZ Banking Group shares are likely to head higher when they resume trading on Thursday – if a bookbuild to sell rights to 4.9 million shares is any guide.
Street Talk. Paul Jeffers
Investment banks Macquarie Capital and UBS ran an auction for the 4.9 million ANZ shares left over from the institutional component of the bank’s raising on Wednesday, which cleared at $21.65 a share.
The clearing price was marginally higher than both ANZ’s last traded price ($21.64) and the theoretical ex-rights price ($21.47), which is a result seldom seen in shortfall auctions.
It would indicate ANZ shares are likely to trade higher when they hit the ASX-boards on Thursday after a three day hiatus, and suggested there was institutional investor support for ANZ’s acquisition of Suncorp bank.
It would also have been helped by a couple of strong days on the market, including Wednesday’s 1.65 per cent gain in the S&P/SAX200.
The bookbuild wrapped up the institutional leg of ANZ’s $3.5 billion rights issue. Retail rights trading is due to commence in coming days.
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