Mexico Stocks: Modelo, Cemex, Alfa, Grupo Mexico Were Active
The following companies had unusual price changes in Mexico City trading. Stock symbols are in parentheses and prices are as of the close of trading.
The IPC index climbed 0.2 percent to 39,157.51. Twenty- eight stocks fell while seven climbed.
Alfa SAB (ALFAA) , the world’s largest producer of aluminum engine heads, advanced 5 percent to 199.47 pesos. Citigroup Inc.’s Banamex unit resumed coverage of the company with a buy recommendation, according to an e-mailed research note by analyst Luis Vallarino, who said the company will benefit from an auto industry recovery in the U.S. and Mexico.
Cemex SAB (CEMEXCPO) , the largest cement maker in the Americas, climbed 7.7 percent to 8.53 pesos. The company said it’s meeting with banks in a bid to extend the maturity on a 2009 loan agreement by three years. The proposal would push the maturity to 2017 and include a $1 billion debt payment in 2013, Monterrey, Mexico-based Cemex said today in a statement.
Grupo Modelo SAB (GMODELOC) , Mexico’s largest beer maker, climbed 19 percent to 116.87 pesos. Anheuser-Busch InBev NV (ABI) may spend about $20 billion to double its stake in Modelo to 100 percent, according to a person with knowledge of the matter. After the stock jumped, the Mexico City-based brewer said in a statement to the stock exchange that it’s in strategic talks with AB InBev to expand its relationship.
Grupo Mexico SAB (GMEXICOB) , the country’s largest mining company, fell 2 percent to 38.22 pesos. Copper fell in New York amid concern European leaders meeting this week will come up short in efforts to contain the region’s debt crisis.
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