Mexico Stocks: Cemex, Maxcom Telecomunicaciones Were Active
The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of the close of trading.
The IPC index fell 0.4 percent to 37,785.72.
Cemex SAB (CEMEXCPO) , the largest cement maker in the Americas, advanced 5.4 percent to 9.96 pesos. Cemex rallied after announcing plans to exchange as much as $1.2 billion of 2014 euro-denominated debt for new securities due in 2019. An equity or equity-linked offering in the next year seems less likely after the announcement, as “it mitigates any dilution risk in the next twelve months and that’s why I think the equity reaction has been very positive today,” Benjamin Theurer, a Barclays Bank Plc analyst, said in a telephone interview from New York.
Maxcom Telecomunicaciones SAB (MAXCOMCP MM), the fifth- largest land-line phone carrier in Mexico, dropped 3.6 percent to 3.22 pesos. The company’s shares “should face pressure” after Maxcom reported fourth-quarter results “under our expectations,” analysts at Citigroup Inc.’s Banamex unit led by James Rivett wrote in a research note today.
To contact the editor responsible for this story: David Papadopoulos at email@example.com