Dec. 2 (Bloomberg) -- Cemex SAB, the largest cement maker in the Americas, climbed to the highest level in three weeks after a report on home sales signaled a better economic outlook for the U.S., the company’s second-biggest source of revenue.
Cemex gained 2.7 percent to 11.79 pesos in Mexico City trading at 4:00 p.m. New York time, the highest since Nov. 8.
Pending sales of existing U.S. houses unexpectedly jumped by a record 10 percent in October. The increase in the number of Americans signing contracts to buy previously owned homes followed a 1.8 percent drop in September, the National Association of Realtors said today in Washington.
“Today’s optimism has much to do with economic data that has come out in the U.S.,” said Carlos Hermosillo, an analyst with Grupo Financiero Banorte, in a telephone interview from Mexico City. “The most important for the specific case of Cemex are home sales.”
The U.S. accounted for 19 percent of Cemex’s revenue last year, compared with 21 percent for Mexico.
Mexico’s benchmark IPC index rose 0.3 percent to 37,399.47, a record high.
To contact the reporter on this story: Jonathan J. Levin in Mexico City at email@example.com
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