Mexico Stocks: Cicsa, Industrias Penoles Gain; Urbi Falls
The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 12:44 p.m. Mexico City time.
The IPC index gained 0.3 percent to 35,373.49.
Carso Infraestructura y Construccion SAB (CICSAB1 MM), the infrastructure company owned by billionaire Carlos Slim, surged 14 percent to 8 pesos, the highest price in intraday trading in six months, on news Grupo Carso SAB (GCARSOA1 MM), Slim’s holding company, agreed to pay 6.79 billion pesos ($504 million) for the one-third of the company it doesn’t already own. Grupo Carso’s board agreed to offer 8.20 pesos each for the 33 percent of the shares of Mexico City-based Cicsa, as the company is known, according to a filing yesterday after the close of trading. Shares of Grupo Carso gained 0.6 percent to 34.31 pesos.
Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, gained 0.1 percent to 560 pesos. Silver for December delivery rose 2.8 percent to $32.545 an ounce on the Comex in New York.
Urbi Desarrollos Urbanos SAB (URBI* MM), Mexico’s third- largest homebuilder, fell 7.7 percent to 19.98 pesos. The company reported third-quarter net income of 865 million pesos on sales of 4.53 billion pesos, according to a filing today to Mexico’s stock exchange. Shares declined on the company’s negative cash flow, which was expected to be neutral, said Carlos Hermosillo, head of equity research at Grupo Financiero Banorte SAB. He also cited higher-than-expected operating expenses. “We’re now expecting cash flow may be negative for the year,” he said.
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