America Movil Jumps on Buyback Increase, Finance Chief Comments
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America Movil SAB, the mobile-phone carrier controlled by billionaire Carlos Slim, rose the most in 10 months after an increase in share buybacks and optimism from its finance chief on Mexican telecommunications legislation.
The company is stepping up its share repurchases after the prospect of tougher regulation in Mexico pushed the stock to an almost four-year low. America Movil acquired 526 million shares since March 11, when lawmakers announced a plan to boost phone-industry competition. That total exceeds the 479 million Mexico City-based America Movil had acquired all year before that date.