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Mexico Stocks: Alsea, Grupo Mexico, Industrias Penoles Decline

Dec. 14 (Bloomberg) -- The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 3 p.m. Mexico City time.

The IPC index fell 1.3 percent to 36,012.67.

Alsea SAB de CV (ALSEA* MM), Mexico’s largest fast-food chain operator, retreated 3.9 percent, the most in a month, to 13.25 pesos as the shares were downgraded to “underperform” from “outperform” at BBVA Bancomer SA by equity analyst Miguel Ulloa Suarez, who assigned a 12-month target price of 15 pesos per share.

Grupo Mexico SAB (GMEXICOB MM), the nation’s largest mining company, dropped 3.7 percent to 36.01 pesos after Chief Financial Officer Daniel Muniz said the company may boost annual investments to as much as $1.94 billion if it restarts a Peruvian copper project. The company’s Southern Copper Corp. unit began talks with Peru’s government in a bid to restart its Tia Maria copper project in October after permits were canceled in April amid anti-mining protests.

Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, lost 3.1 percent to 580.29 pesos as the metal’s futures contract traded in New York plunged as concerns intensified that European leaders will struggle to contain the region’s debt crisis.

To contact the reporter on this story: Leon Lazaroff in New York at llazaroff@bloomberg.net

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

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