The news came in an update of its draft master plan for development over the next 10 years.
The second runway is still expected to be needed as the airport anticipates a doubling to 38 million passengers flowing through its terminals and that by 2047, air cargo will have grown by more than 40% to 223,000 tonnes.
Shares in the airport fell 3.34% to $7.52, down 26c with 5,580,867 shares trading hands to the value of $42,167,564.13.
Devon Funds Management head of retail Greg Smith said the airport’s announcement was not insignificant.
“They’ve got a heavy cap-ex [capital expenditure] period,” Smith said.
“It just depends on your view of how quickly they get to capacity ... how much runway they’ve got before they need another runway.”
Infratil was also a company of interest. Smith said that over the month of April there has been a high level of insider buying of its shares.
Executives of the company including chief executive Jason Boyes have added to their investments, with $3.8 million worth of shares bought in April at an average price of $9.57.
Interestingly, there has been $13 million worth of shares bought by executives since February.
Its share price fell 0.09% today to $10.55, down 1c with 2,206,082 shares trading hands to the value of $23,273,537.00.
“Obviously shares are down today, but insiders are clearly positive about the prospects of the company’s asset suite, in particular CDC, which I think is 40% of the business.”
Elsewhere, Radius Care has had its share price fall after it announced it had agreed to acquire a 109-bed care home in Christchurch.
The listed aged-care specialist told the market it had entered an agreement to purchase the business and assets of Arvida’s St Allisa care home in Christchurch for $14.7m.
The acquisition involves a sale and leaseback arrangement with Warehouse Storage, whereby the property will be sold for $13.6m and leased back to Radius Care for 30 years, with two 10-year renewal options.
Shares in Radius fell 1.82% to $0.27, down 0.5c with 82,278 shares trading hands to the value of $22,520.08.
Looking at the international markets, Smith said “it’s still all pretty messy”, but the S&P 500 had its biggest six-day streak since early 2022.
“In terms of the trade situation, there’s lots of talk about deals but we’re yet to see one. We hear one’s coming, who will that be, Norfolk Island, or a big nation perhaps Japan or something like that who knows. The big question mark remains over China, which doesn’t look ready to play nice just yet.”
Wall Street stocks rose on Tuesday (NYT) as markets digested mixed earnings while applauding a move by President Donald Trump to ease tariffs on automakers.
Trump’s pivot includes limitations on the impact of multiple tariffs on carmakers and a measure to allow car makers to offset a portion of the levy for two years.
Investors are “encouraged by the Trump decision to be a little more flexible ... with the autos,” said Sam Stovall of CFRA Research.
The Dow Jones Industrial Average finished 0.8% higher at 40,527.62.
The broad-based S&P 500 advanced 0.6% to 5,560.83, while the tech-rich Nasdaq Composite Index rose 0.6% to 17,461.32.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
