Bolsa Soars as Exchange Tops Profit Estimates: Mexico City Mover
Bolsa Mexicana de Valores, the operator of Mexico’s stock exchange, rose the most on the country’s benchmark index after second-quarter earnings beat analysts’ estimates for the first time since 2011.
The shares gained 5.9 percent to 32.50 pesos at 1:36 p.m. in Mexico city, the biggest jump since May 3. It was the best performance on the benchmark IPC index, which fell 0.9 percent.
“It was a very good period in terms of new equity offerings,” Martin Lara, an analyst at Corp. Actinver SAB, said in a telephone interview from Mexico City.
Mexico City-based Bolsa said yesterday in a regulatory filing that second-quarter profit increased 19 percent from a year earlier to 219 million pesos. Sales climbed 15 percent to 520.6 million pesos. Earnings per share on an adjusted basis was 37 centavos, exceeding the 32-centavo average estimate of six analysts surveyed by Bloomberg.
“The second quarter of 2013 was one of strong results, especially in listings,” including four equity offerings and one real-estate trust, Bolsa Chief Executive Officer Luis Tellez said on a conference call yesterday.
Mexican companies raised more than $2 billion in equity sales in the second quarter, with four follow-ons and the initial public offering of Hoteles City Express SAB.
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