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Elsewhere, Macquarie will shut the books on Murray Goulburn's $500million unit trust at midday on Tuesday after weathering a shocking market for raising fresh funds.

Investors last night expected the deal to price below $2.65, which was the midpoint of the wide $2.10 to $3.20 a unit range. Sources said a third non-traditional investor piled into the book early on Monday morning, before Australian and offshore institutions had the opportunity to bid for stock.



It's understood the book was covered by close of business on Monday, with Macquarie's sales desk expected to try and walk bidders up towards the $2.65 mark on Tuesday morning. Much is likely to hinge on how offshore markets trade overnight, after the local bourse dropped 2.2 per cent on Monday