APA Group shares dive after UniSuper block trade
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The news: APA Group shares tumbled on the ASX after superannuation fund UniSuper launched a $500 million block trade in the energy infrastructure group, according to capital market media reports.
The numbers: APA shares were down 6.7% to $7.13 by 11:15am AEDT. Its fall weighed on the utilities sector, down 2.19%, which was the worst performing sector as the wider market shed 0.6%.
The context: The Australian and Australian Financial Review both reported that UniSuper was offloading $500 million of APA shares after the closing bell on Thursday.
The shares — representing around 5.3% of the gas pipelines giant's total securities — were being sold in a book build with a floor price of $7.23 ranging up to $7.43 each, with bids taken in 5 cents increments, the reports said.
The discount range of the trade was 2.7% to 5.3% of APA's last closing price of $7.64.
The sources: AFR, The Australian
