Mexico Bourse Said to Cancel Erroneous Trades of Slim’s Frisco

Mexico’s exchange has canceled some erroneous trades that caused shares of billionaire Carlos Slim’s Minera Frisco SAB (MFRISCOA) to double in price, according to a bourse official with direct knowledge of the decision.

A technical glitch at the bourse prompted the stock to soar as much as 104 percent in intraday trading, said the person, who asked not to be named because he hadn’t been authorized to speak on the matter. The canceled trades took place around the last 10 minutes of the trading day, and they accounted for volume of about 250,000 shares, the person said.

Roberto Gavaldon, a stock exchange spokesman, didn’t respond to a phone call and e-mail seeking comment on the trades. Aurelio Bueno, a press official for the National Banking and Securities Commission, said the nation’s regulator was reviewing the jump in Frisco’s price.

Minera Frisco said in an e-mailed response to questions that the company has “no knowledge” of any reason for the share move today.

To contact the reporter on this story: Jonathan Levin in Mexico City at jlevin20@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.