Bloomberg News

Mexican Stocks: Cemex, Grupo Elektra Decline; Genomma Lab Gains

October 03, 2011

Oct. 3 (Bloomberg) -- The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.

The IPC index fell 1.1 percent to 33,133.88.

Cemex SAB (CEMEXCPO), the largest cement maker in the Americas, plunged 16.2 percent to 3.72 pesos, its biggest drop since Dec. 11, 2008, amid concern slower global economic growth may keep the company from meeting its debt targets and lead it to renegotiate covenants with banks. The drop prompted a temporary halt in trading before Cemex filed a statement to the Mexican stock exchange saying it had nothing to disclose.

Grupo Elektra SAB (ELEKTRA* MM), the retail and banking company controlled by billionaire Ricardo Salinas, fell 5.1 percent to 1,004.45 pesos amid mounting concern there will be a world economic slowdown. European leaders met to discuss increasing the region’s rescue fund and weigh the risk of a Greek default.

Genomma Lab Internacional SAB de CV (LABB MM), the Mexican producer of over-the-counter drugs, added 0.1 percent to 23.20 pesos. The company said in a statement that it acquired a package of brands for Mexico from Colgate-Palmolive Co., including Wildroot, Alert and Nordiko.

--Editors: Brendan Walsh, Jonathan Roeder

To contact the reporter on this story: Katia Porzecanski in New York at kporzecansk1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net


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