The stock exchange has issued a "please explain" notice to Ports of Auckland after a spike in its share price and leap in trading volumes.
Ports of Auckland share price rose 5.7 per cent to $7 on Thursday, a day when the market was down 1 per cent.
The stock
exchange also noted 145,255 shares traded during the day, which it said was significantly higher than the usual volume.
The company said yesterday that it believed it continued to comply with the relevant continuous disclosure listing rule.
Ports investors expect an announcement any time now from shipping line P&O NedLloyd on whether Auckland will retain key Fonterra export business or lose it to rival the Port of Tauranga and some observers speculated someone had bought the shares on the nod that Auckland would keep the service.
But analysts concluded it was not a smart buy at $7 a share, given their certainty that to keep the Fonterra service, Auckland would have to offer P&O discounted rates.
"If it is connected with Auckland, it [the service] will just be staying there and at a cut rate. Auckland [cargo volumes] will still be going backwards, just by not as much.
"The $7 looks like a stupid price, whichever way," one analyst said.
Meanwhile, total container volumes through the Ports of Auckland decreased 3 per cent to 641,232 in the 12 months to the end of February.
The shares closed at $6.85.
