Liverpool Climbs to Three-Month High on Mexico Confidence DataMichelle F. Davis
El Puerto de Liverpool SAB climbed to a three-month high after a report showed Mexican consumer confidence rose more than forecast last month.
Shares of Mexico’s biggest department-store operator rose 1.6 percent to 156.58 pesos at 11:27 a.m. in Mexico City, the highest on an intraday basis since June 25. The IPC stock benchmark added 0.6 percent after the sentiment gauge rose to 91.8 in September, exceeding the median estimate for 90 among 14 analysts surveyed by Bloomberg.
Liverpool depends on demand from Mexico’s middle class, which benefits from economic growth that analysts predict will pick up in coming quarters, according to Eric Conrads, a portfolio manager at ING Investment in New York. Investors are also being drawn to Mexican stocks as an alternative to equities from slower-growing Brazil, he said.
“People are positioning themselves to the safe parts of the market in an economy where you should have decent supply and growth,” Conrads said.