Mexico Stocks: America Movil, Grupo Elektra, Homex Are Active
The following companies are having unusual price changes in Mexico City trading. Stock symbols are in parentheses, and prices are as of 10:01 a.m. local time.
The IPC index rose 0.5 percent to 40,325.20.
America Movil SAB (AMXL) , the wireless carrier controlled by Mexican billionaire Carlos Slim, fell 0.2 percent to 17.43 pesos. The shares were cut to market perform from outperform at Itau BBA Securities by equity analyst Gregorio Tomassi. The target price for America Movil is 18 pesos per share.
Grupo Elektra SA (ELEKTRA*) , the retail and banking company controlled by billionaire Ricardo Salinas, rose 5.2 percent to 558 pesos after jumping as much as 8.4 percent in Mexico City trading, the biggest intraday gain since June 20. On June 19, Elektra announced it had unwound some equity derivatives that may have been jeopardizing its position on the benchmark index.
Desarrolladora Homex SAB (HOMEX* MM), Mexico’s largest homebuilder, rose 3.6 percent to 35.50 pesos. This is the most the stock has risen since June 22, when speculation rule changes at Infonavit, the nation’s biggest mortgage provider, would improve cash flow for builders rallied the stock 7.4 percent.
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