The Australian share market saw 31 million AAPT shares traded yesterday morning, representing just over 10 per cent of the carrier's issued capital.
Macquarie Equities traded 29 million of the shares, at $A5.70 per share, according to Reuters reports.
AAPT, facing a $5 per share hostile takeover bid by Cable & Wireless Optus, refused to comment on the transactions.
According to Reuters the market was anticipating a possible rival bid for the company, whilst some analysts speculated yesterday that C&W Optus could raise its offer.
Meanwhile, one analyst believed that AAP was selling the shares, Reuters said, and other reports indicate that Telecom NZ bought most of the shares.