Mexico Stocks: Kimberly-Clark, Gruma, Axtel Shares Retreat
The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 11:58 a.m. local time.
The IPC index rose 0.3 percent to 36,671.22.
Consumer-driven companies slipped after the Group of 20 failed to agree on boosting the International Monetary Fund’s resources.
Kimberly-Clark de Mexico SAB (KIMBERA MM), Mexico’s biggest consumer-products company, fell 1.2 percent to 73.97 pesos. Wal- Mart de Mexico SAB (WALMEXV MM), Latin America’s largest retailer, fell 0.8 percent to 34.64 pesos.
Axtel SAB (AXTELCPO MM), Mexico’s second-largest land-line phone company, fell 1.2 percent to 4.25 pesos. Risk aversion is exacerbating losses after Axtel lowered its free cash-flow projection to negative $15 million-to-$20 million in 2011, down from a previous forecast to break even, according to Martin Lara, an analyst at Corp. Actinver SAB in Mexico City.
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