Maxcom Shares Jump Most Since November on Late-Day Trades
Maxcom Telecomunicaciones SAB (MAXCOMCP) soared the most in seven months as late-day trades sparked a surge in volume.
The shares climbed 15 percent to 2.40 pesos, the biggest advance since Nov. 15. Volume more than doubled its average daily trading for the past three months.
The stock posted most of its gains near the end of the session, soaring more than 11 percent from 1:50 p.m. until 2:24 p.m. in Mexico City, when the jump set off the exchange’s circuit breaker mechanism. It never resumed trading.
Maxcom said in a statement to the stock exchange that it had nothing to disclose that could be moving the stock.
Casa de Bolsa BBVA Bancomer, the local brokerage of Banco Bilbao Vizcaya Argentaria, executed about 422,000 purchases, more than any other brokerage, with more than half of those trades coming in the last 70 minutes of the trading day, according to data compiled by Bloomberg. The data doesn’t show whether the trades were executed on behalf of clients.
Rodolfo Benitez, a BBVA Bancomer spokesman in Mexico City, didn’t immediately respond to phone calls seeking comment.
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