Tasmanian timber company Gunns share price rose by almost 6 per cent on Thursday.
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Macquarie Bank announced a 7 per cent investment, while National Australia Bank declared a 5.5 per cent investment in the company. The announcements follow investment from Unisuper, which increased its share holding with the company to 7.99 per cent last week.
TG Financial principal Tony Gray believed Macquarie Bank and NAB would be treating the investment as trading stock.
``This won't mean a lot to the company, just that they (Macquarie Bank and NAB) probably won't be looking for a long-term investment,'' Mr Gray said.
``All you can really take away from these announcements is that the company is attracting institutional support.''