Cemex Latam Gains Most Since IPO on Colcap Bet: Bogota Mover
Cemex Latam Holdings SA (CLH), a cement maker with operations in Central and South America, gained the most since its initial public offering on speculation the shares may be added to the Colcap index of Colombian stocks.
Cemex Latam gained 4.3 percent to 12,100 pesos as of 1:19 p.m. in Bogota. It was the biggest increase since Monterrey, Mexico-based parent Cemex SAB sold shares in Cemex Latam in November. The Colcap, which includes about 20 stocks determined by the Colombian stock exchange, rose 0.5 percent.
Cemex Latam, based in Bogota, may be added to the Colcap in the next re-weighting, attracting flows from funds that track the index, the brokerage firm Correval SA wrote today in a report. Empresa de Energia de Bogota SA (EEB), which also may be added to the index according to Correval, gained 4.2 percent, the most in four months.
The next re-weighting of the Colcap index will be after the market close on Jan. 31, according to a statement last month from the stock exchange. The stocks are weighted based on their “adjusted market cap value,” according to the exchange. A call to the exchange seeking comment on possible additions to the index wasn’t immediately returned.
Cemex Latam Chief Executive Officer Carlos Jacks said he would like the company to be included in the Colcap, according to a statement e-mailed today by a spokesman, Jorge Perez. Inclusion in the index would bring greater liquidity and benefit shareholders, Jacks said in the statement.
A spokesman for Bogota-based EEB, Juan Felipe Gonzalez, declined to comment.
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