Mexican Stock Movers: Cemex, Corp. Geo, Grupo Bimbo, Penoles

The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 4:30 p.m. New York time.

The IPC index fell 0.5 percent to 33,503.28 today and dropped 8.4 percent in the third quarter, its worst performance since March 2009.

Cemex SAB (CEMEXCPO MM), the largest cement maker in the Americas, slumped 6.3 percent to 4.44 pesos in Mexico City, the lowest since January 1999. The shares fell a record 56 percent in the third quarter on concern a global economic slowdown will crimp demand for the company’s products, said Carlos Hermosillo, head of equity research at Grupo Financiero Banorte SAB. “The company hasn’t convinced investors that its outlook isn’t as bad as it appears,” Hermosillo said today in a telephone interview from Mexico City.

Corporacion GEO SAB (GEOB MM), Mexico’s second-largest homebuilder, dropped 6.6 percent to 17.97 pesos, the lowest since April 2009. The company’s shares tumbled 33 percent in the third quarter.

Grupo Bimbo SAB (BIMBOA MM), the world’s largest bread maker, climbed 3.4 percent to 26.39 pesos, its highest price since Aug. 2. Wheat futures for December delivery fell 6.9 percent on the Chicago Board of Trade.

Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, fell 3.8 percent to 511.51 pesos. Silver for December delivery declined 14 percent in the three months ending today, the most since December 2008.

To contact the reporter on this story: Nathan Gill in Quito at

To contact the editor responsible for this story: David Papadopoulos at

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