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Mexico Stocks: Empresas Ica, Gruma, Grupo Modelo Advance

Feb. 23 (Bloomberg) -- The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 1:23 p.m. local time.

The IPC index rose 0.3 percent to 38,019.33.

Empresas Ica SAB (ICA* MM), Mexico’s biggest construction company, surged 4 percent to 25.22 pesos, the highest price since July, as the company secured a 2 billion-peso ($155.4 million) contract to build a highway bypass in the Pacific state of Nayarit. The construction deal adds to a series of projects Ica has lined up, buoying optimism for sales over the next several years, Ramon Ortiz, an analyst with Mexico City-based Corp. Actinver SAB, said in a telephone interview from Mexico City.

Gruma SAB (GRUMAB MM), Mexico’s largest maker of corn flour for tortillas, gained 5.5 percent to 30.82 pesos, the biggest gain on a closing basis since Nov. 30, after net income increased eightfold in the fourth quarter to 918 million pesos.

Grupo Modelo SA (GMODELOC MM), Mexico’s largest brewer, increased 3.2 percent to 85.90 pesos. “We were surprised by the strength of the export market and the improvement in the company’s profitability” in the fourth quarter, Banco Santander SA analysts led by Luis Miranda and Berenice Munoz wrote in an e-mailed report dated today. The company reported “stronger-than-expected results and dividend,” Miranda wrote.

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

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

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