NII Holdings Inc., which sells wireless service under the Nextel brand in Latin America, rose the most in six weeks after Chief Executive Officer Steve Dussek boosted his stake by 12 percent.
NII rose 17 percent to $8.21 at the close in New York, the biggest jump since Aug. 6. The Reston, Virginia-based company’s shares have plummeted 61 percent this year as competition and network spending cut into profits.
Dussek’s purchases may represent a show of confidence in the company as it prepares to offer 3G, or third-generation, services in Mexico, its second-largest market, said Christopher King, an analyst at Stifel Nicolaus & Co. Dussek acquired 42,402 shares at $7 apiece yesterday, increasing his stake to almost 400,000 shares that include unvested, restricted stock, according to a regulatory filing today.
“So many people have been waiting so long for some sign of confidence, some positive development here,” said King, who advises buying the shares, in a telephone interview today from Baltimore.
Claudia Restrepo, a spokeswoman for NII, didn’t immediately return a telephone message seeking comment.