Cemex Latam Surges on FTSE Global Index Membership: Bogota Mover
The shares advanced 3.9 percent to 13,200 pesos at 1:38 p.m. in Bogota after earlier gaining 4.6 percent, the biggest increase on closing basis since the company’s Monterrey, Mexico-based parent, Cemex SAB, sold the shares in an initial public offering in November.
The FTSE Group said yesterday in a statement on its website that Cemex Latam would join its Global Equity Index Series effective on June 24.
“The addition came sooner than we thought because the stock has been trading for less than a year,” Fernando Pereda, an analyst at Banco de Credito del Peru, said in an e-mailed response to questions. “Volume will probably grow significantly, and so will the price, as portfolios that track the FTSE indexes add the stock.”
To contact the reporter on this story: Christine Jenkins in Bogota at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com