Intermoney Valores SV, the brokerage that bought a net 430 million euros ($538 million) of Repsol SA (REP) for its customers in June as the stock hit a nine-year low, has sold about 40 percent in July as the oil company rallied.
The Madrid-based broker, the biggest acquirer of Repsol shares last month, has sold a net 188 million euros of the stock in July, according to securities exchange data compiled by Bloomberg. That included a single 15 million-share trade on July 2 at 12.70 euros a share worth 190.5 million euros. Intermoney is the 11th-largest Spanish broker by sales volume in 2012.
Repsol was the world’s worst-performing oil stock this year through June as its Argentine unit was nationalized. The Madrid- based driller attracted buyers going into the second half and yesterday recorded its biggest six-day rally since 2008. The shares today dropped 3.1 percent to close at 12.91.
A spokeswoman for Intermoney in Madrid declined to comment.
To contact the editor responsible for this story: Timothy Coulter at firstname.lastname@example.org