Mexico Stocks: Cemex, Homex, Industrias Penoles Shares Advance

The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of the close of trading.

The IPC index rose 0.9 percent to 37,103.17. Earlier, the gauge briefly dropped as much as 0.5 percent as Industrias Penoles SAB plunged about 9 percent in less than a minute. A Penoles investor relations official said the company didn’t know the reason for the drop. The stock recovered most of its losses within about three minutes.

Mexican stocks followed U.S. equities higher as Italy’s Mario Monti proposed budget cuts and Germany and France pushed for a new European Union treaty to fight the debt crisis.

Separately, Mexico’s manufacturing index rose to 53.3 in November, the Mexican Institute of Finance Executives, or IMEF, said today. Economists forecast the gauge would be 52, according to the median of four estimates in a Bloomberg survey.

Cemex SAB (CEMEXCPO MM), the largest cement maker in the Americas, rose 5.4 percent to 6.81 pesos. Desarrolladora Homex SAB (HOMEX* MM), Mexico’s largest homebuilder, rose 0.9 percent to 27.05 pesos.

Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, erased earlier losses to close 0.5 percent higher at 625.11 pesos.