Mexico Stocks: Grupo Financiero Banorte, Grupo Elektra

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 0.1 percent to 39,330.12.

Grupo Financiero Banorte SAB (GFNORTEO) , a Mexican lender, fell 4 percent to 60.73 pesos. The company had its recommendation cut to “neutral” from “overweight” at JPMorgan Chase & Co., according to a research note dated today.

Grupo Elektra SA (ELEKTRA* MM), the banking and retail company controlled by billionaire Ricardo Salinas, climbed 4.6 percent to 919.83 pesos. Elektra said today it plans to start brokerage operations with a subsidiary called Punto Casa de Bolsa. Elektra has been rebounding from a three-day selloff that ended April 16. The exchange published new rules on April 11 that may cut the company’s weight in the benchmark index in half, according to a research note from Banco Santander SA. (SAN)

To contact the reporter on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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