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Brokerage firm "Broker" Cluj reduced its stake in construction material manufacturer "Cemacon Zalău" (symbol: CEON) to 10%, after selling over 2.45 million shares for 381,700 lei, according to a report published on the website of the Bucharest Stock Exchange.
The deal comes as the stock has seen a 63% increase in the last week alone. However, the 15% a day rises stopped as abruptly as they began, as yesterday, the stock dropped 8%, after rising for seven sessions in a row.
Luana Maria Chiş, the wife of the head of Broker Cluj, Grigore Chiş, also benefited from buying "Cemacon", by selling her 500,000 shares only two days after acquiring them, for a profit of 30%.
According to brokers, the construction sector has a lot of potential to grow this year, considering that in 2009, it missed the general rise of the market, as investor outlook remained pessimistic.
"Broker" Cluj (symbol: BRK) is the largest shareholder of "Cemacon" Zalău, owning 10.2% of its equity, followed by Artio Global and Dutch fund MEI, each owning around 10% of the company. The general manager of the company, Ioan Crehul, owns almost 6% of the company, and SIF Muntenia owns 5%.
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