Gruma Jumps Most Since August on Speculation About Banorte Stake
Gruma SAB, Mexico’s biggest maker of corn flour for tortillas, jumped the most since August on speculation that the company may sell its stake in Grupo Financiero Banorte SAB.
Gruma surged 7.2 percent to 26.18 pesos at 4 p.m. New York time in Mexico City trading. The shares have climbed eight times in the past 10 days, adding 15 percent in the period.
Speculation that the company will sell its 8.8 percent stake in Banorte is probably driving the rally, because the shares are seen as a drag on the company, said Gerardo Copca, an analyst with Mexico City-based Metanalisis SA.
“The rumor is out there that they want to put it on the market,” said Gerardo Copca, an analyst with Mexico City-based Metanalisis SA.
Gruma has no information to disclose regarding the speculation about a stake sale, said a company official who can’t be identified because of policy.
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