Shares of Mexico's Homex down as board member sells
(Adds sale by board member, share price, trader quote)
MEXICO CITY, May 15 (Reuters) - Homex, one of Mexico's leading homebuilders, said on Tuesday a board member sold a significant part of his stake in the company on the stock market.
The company's shares were off by 3.64 pesos at 108.20 pesos in Mexico, and its New York-traded shares closed down 3.3 percent lower at $60.18.
Earlier in the session, a larger-than-average 20 million share trade was made in Homex, according to Reuters data.
In a filing to the stock exchange, Homex said Jose Ignacio de Nicolas, brother of Chairman Eustaquio de Nicolas, had unloaded part of his investment in the company.
Homex (HXM.N)(HOMEX.MX), which specializes in building massive developments of low cost housing, could not be reached for comment.
"Homex is leading the session by volume because of the cross trade that was carried out," said one trader.
Construction companies like Homex have grown quickly in recent years amid improved economic stability in Mexico and a greater availability of mortgages.
Mexican President Felipe Calderon, who began his six-year term in December, has promised to push for even faster growth in the housing sector.
Homex, one of the biggest companies in its sector, posted net profit of about $41 million in the first quarter.
((Reporting by Noel Randewich, Jason Lange and Lizbeth Salazar; editing by Phil Berlowitz; Reuters Messaging: noel.randewich.reuters.com@reuters.net +52 55 5282-7153)) Keywords: MEXICO HOMEX/
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