Macquarie Bank shares have again been under pressure this week, after Australia's only independent investment bank was forced to purchase more than 42% of the securities offered in the IPO of its latest infrastructure fund. Macquarie Communications Infrastructure Group (MCIG) closed at A$1.80 on Tuesday, A$0.20 below its A$2 issue price, having recovered from the intraday low of A$1.60. Retail stockbrokers and investors helped the recovery as they spotted the opportunity to purchase for yield.
August 16, 2002