Mexico Stocks: Sare Holding, Elektra, Alfa Shares Were Active
The following companies had unusual price changes in Mexico City trading. Stock symbols are in parentheses and prices are as of the close of trading.
The IPC index climbed 0.4 percent to 39,490.68. Twenty- eight stocks climbed while seven fell.
Alfa SAB (ALFAA) , the world’s largest producer of aluminum engine heads, extended its rally since Citigroup Inc. recommended buying the shares, climbing 4.6 percent today to 211.86 pesos. Citigroup’s Banamex unit resumed coverage with a buy recommendation, according to an e-mailed research note on June 25 by analyst Luis Vallarino, who said the company will benefit from an auto industry recovery in the U.S. and Mexico.
Grupo Elektra SAB (ELEKTRA*) , the retail and banking company controlled by billionaire Ricardo Salinas, jumped 1.5 percent to 536.25 pesos, extending its gain in the past seven sessions to 31 percent. Elektra announced June 19 it had unwound some equity derivatives that may have been jeopardizing its position on the benchmark index.
Sare Holding SAB (SAREB) , Mexico’s cheapest homebuilder based on book value, soared 19 percent to 1.37 pesos. Beamonte Investments Inc.’s managing director Luis Trevino said by phone from Boston that his private equity firm is considering taking a stake in Sare and plans to hire an investment bank in the coming days. Sare isn’t yet aware of any such bid, Gabriel Terrazas, Sare’s finance committee chairman, said in a telephone interview from Mexico City.
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