Skip to content
Subscriber Only

Walmex Bribery Case Proving Boon for Slim: Chart of the Day

The bribery allegations that have sparked a rout in Wal-Mart de Mexico SAB are also spurring a rally in America Movil SAB, the wireless carrier controlled by billionaire Carlos Slim.

The CHART OF THE DAY shows the 30-day correlation coefficient between the two stocks turned negative on April 23, when Walmex sank 12 percent, the most since 1998, on allegations described in a New York Times story that its executives bribed Mexican officials. America Movil is one of the few actively traded shares in Mexico, making it a likely recipient of money that investors pulled out of Walmex, according to Greg Lesko, who manages $700 million at Deltec Asset Management.