Mexico’s benchmark IPC stock index will add retailer El Puerto de Liverpool SAB and construction firm OHL Mexico SAB while removing three companies controlled by billionaire Carlos Slim and steelmaker Industrias CH SAB.
The changes will go into effect on Sept. 1, Mexico’s stock exchange said yesterday in a filing. Slim’s Grupo Financiero Inbursa SAB, Grupo Carso SAB and Inmuebles Carso SAB will be dropped from the index, it said.
The stock exchange company, Bolsa Mexicana de Valores SAB, periodically revises the benchmark IPC index using a formula with data such as market capitalization, said Rogelio Gallegos, a fund manager at Corp. Actinver SAB in Mexico City. Investors know the formula and have already begun adjusting their portfolios ahead of the changes, he said by phone yesterday.
Liverpool, based in Mexico City, has climbed 12 percent this year, compared with a 9.7 percent decline in the IPC index. OHL, the unit of Madrid-based Obrascon Huarte Lain SA that had its Mexican initial public offering last year, has gained 4.1 percent.
Slim’s holding company Grupo Carso spun off its mining unit, Minera Frisco SAB, and its real-estate division, Inmuebles Carso, this year. Frisco will remain on the index. Inbursa is Slim’s financial-services firm. Slim’s phone carriers America Movil SAB and Telefonos de Mexico SAB also remain on the index. All of Slim’s firms are based in Mexico City.
America Movil has said it plans to delist shares of Telmex, as the fixed-line provider is known, if enough investors accept its $6.5 billion offer to buy the 40.4 percent of the carrier it doesn’t already own.
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