OMA Declines After ICA Says It May Cut Stake: Mexico City Mover
Mexican airport operator Grupo Aeroportuario del Centro Norte SAB fell the most in almost a month after its parent company announced a plan to sell part of its stake.
Shares declined 7.3 percent to 45.45 pesos at 9:56 a.m. in Mexico City, after falling 7.4 percent, the largest intraday drop since April 17. Empresas ICA SAB, Mexico’s largest construction company, filed a shelf registration with the U.S. Securities and Exchange Commission yesterday to sell as many as 100 million shares in the airport company, known as OMA.
The potential sale would boost the number of OMA shares on the market and pressure the stock price, according to Luis Willard, an analyst at Corporativo GBM SAB. OMA climbed 40 percent this year through yesterday’s close, compared with a 1.3 percent decline for airport operator Grupo Aeroportuario del Sureste SAB and an 8.3 percent drop for Grupo Aeroportuario del Pacifico SAB.
“The sale could give you an excess of supply in OMA shares,” Willard, who rates OMA market underperform, said in an interview from Mexico City. “And that’s coming when anything positive about OMA was already priced in.”
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