Mexican Stocks: Grupo Mexico, Industrias CH, Penoles Decline
The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.
The IPC index fell 0.8 percent to 35,380.53.
Grupo Mexico SAB (GMEXICOB MM), the country’s largest mining company, slipped 2.8 percent to 37.70 pesos as copper fell for the first time in three days after figures showed inflation in China stayed above the government’s target, signaling further monetary tightening that may curb metal demand. Copper futures for July delivery declined 12.9 cents, or 3.2 percent, to $3.9135 a pound on the Comex in New York.
Industrias CH SAB (ICHB MM), Mexico’s largest steelmaker, dropped 2.2 percent to 42.86 pesos as commodity prices declined amid a strengthening dollar and concern that accelerating global inflation may curb economic growth and demand for steel. Chinese inflation rose 5.3 percent in April from a year earlier, exceeding the government’s full-year target for a fourth straight month.
Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, fell 3.7 percent to 401.79 pesos as silver tumbled 7.7 percent. Silver futures for July delivery fell $2.971 to $35.515 an ounce on the Comex. The metal gained 9.1 percent this week before today after shedding 27 percent last week.
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