Mexican Stocks: Cemex, Grupo Mexico, Penoles Rise; Gruma Falls
The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 5:01 p.m. New York time.
The IPC index rose to a record, gaining 0.4 percent to 37,880.13.
Cemex SAB (CEMEXCPO MM), the largest cement maker in the Americas, rose 1.1 percent to 12.39 pesos, its highest price since July 26. Mexican bank lending may grow 12 percent to 14 percent next year, Guillermo Babatz, head of the National Securities and Banking Commission, said today, a sign demand for the company’s building materials may increase.
Grupo Mexico SAB (GMEXICOB MM), the country’s largest mining company, jumped 2.7 percent to 46.58 pesos, its highest price on record. Copper hit a 31-month high in New York and reached a record in London as an extension of U.S. tax cuts reduced concern Europe’s debt crisis may spread.
Gruma SAB (GRUMAB MM), the largest maker of tortilla corn flour in Mexico, fell for the first time in five days, declining 2.2 percent to 23.34 pesos. Gruma aims to build plants in India and Africa and to grow its operations in Europe and the U.S., Chief Executive Officer Raul Pelaez said today in an interview on Mexico City-based Radio Formula.
Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, rose for a sixth day, adding 1.1 percent to 413.24 pesos. Silver futures for March delivery advanced 4.15 cents, or 1 percent, to $404.95 a pound on the Comex in New York.
To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net