Cemex Latam Gains on FTSE Global Index Membership: Bogota MoverChristine Jenkins
Cemex Latam Holdings SA, a cement maker in Central and South America, rose after FTSE Group included the company in a gauge tracked by investment funds.
The shares advanced 3 percent to 13,080 pesos at the close of trading in Bogota, the biggest one-day advance since May 16.
The FTSE Group said yesterday in a statement on its website that Cemex Latam, whose parent company is Monterrey, Mexico-based Cemex SAB, 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.”
Cemex Latam sold shares in an initial public offering in November.