Bolsa Soars as Exchange Tops Profit Estimates: Mexico City Mover

Bolsa Mexicana de Valores, the operator of Mexico’s stock exchange, rose the most on the country’s benchmark index after second-quarter earnings beat analysts’ estimates for the first time since 2011.

The shares gained 5.9 percent to 32.50 pesos at 1:36 p.m. in Mexico city, the biggest jump since May 3. It was the best performance on the benchmark IPC index, which fell 0.9 percent.

“It was a very good period in terms of new equity offerings,” Martin Lara, an analyst at Corp. Actinver SAB, said in a telephone interview from Mexico City.

Mexico City-based Bolsa said yesterday in a regulatory filing that second-quarter profit increased 19 percent from a year earlier to 219 million pesos. Sales climbed 15 percent to 520.6 million pesos. Earnings per share on an adjusted basis was 37 centavos, exceeding the 32-centavo average estimate of six analysts surveyed by Bloomberg.

“The second quarter of 2013 was one of strong results, especially in listings,” including four equity offerings and one real-estate trust, Bolsa Chief Executive Officer Luis Tellez said on a conference call yesterday.

Mexican companies raised more than $2 billion in equity sales in the second quarter, with four follow-ons and the initial public offering of Hoteles City Express SAB.

To contact the reporter on this story: Newley Purnell in New York at npurnell1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.