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 1 percent to 38,961.79.
Wal-Mart de Mexico SAB (WALMEXV MM), Latin America’s largest retailer, slumped 12 percent to 37.89 pesos. Walmex fell the most since 1998 after its parent company announced an investigation into allegations that representatives in the country bribed local officials to get stores opened faster. The investigation following a story in The New York Times yesterday may slow Wal-Mart’s growth in Mexican authorities give its permits more scrutiny, Robert Carroll, an analyst at UBS AG in New York, said today in a report.
Walmex doesn’t believe corruption allegations against the company will adversely affect its earnings and cash flow, it said today in a statement.
Grupo Modelo SAB (GMODELOC) , the brewer of Corona beer, climbed 1.9 percent to 95.17 pesos after saying first-quarter profit rose 5.4 percent as higher prices and sales volumes countered an increase in the effective tax rate. Net income climbed to 2.3 billion pesos ($174.3 million) from 2.1 billion pesos a year earlier, the Mexico City-based company said today in a statement to the Mexican stock exchange.
Organizacion Soriana SAB (SORIANAB) , a Mexican grocery store chain, increased 2.4 percent to 38.82 pesos. A government report showed Mexican retail sales rose 7.6 percent in February from the same month last year, exceeding the 4.8 percent median estimate of 14 analysts in a Bloomberg survey.
Controladora Comercial Mexicana SAB (COMERUBC) , a Mexican supermarket chain known as Comerci, gained 1.8 percent to 27.84 pesos.
To contact the reporter on this story: Christine Jenkins in New York at email@example.com