Bloomberg News

Mexico Stocks: America Movil Falls; Bimbo, Minera Frisco Advance

October 05, 2011

Oct. 5 (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 gained 0.1 percent to 33,000.29.

America Movil SAB (AMXL MM), the wireless carrier controlled by billionaire Carlos Slim, fell 1.9 percent to 14.72 pesos, the lowest in six weeks, after Goldman Sachs Group Inc. cut price targets for Latin American telecommunications companies.

Bolsa Mexicana de Valores SAB (BOLSAA MM), the operator of Mexico’s securities exchange, advanced 0.3 percent to 19.07 pesos after it was upgraded to “buy” from “underperform” by Banco Santander SA. The brokerage set an end-2012 share-price estimate of 24 pesos.

Grupo Bimbo SAB (BIMBOA MM), the world’s largest bread maker, climbed 3.6 percent to 27.22 pesos as investors speculated European leaders will act to contain the region’s debt crisis, boosting the outlook for global growth. Foreign sales comprised 52 percent of Bimbo’s second-quarter revenue.

Minera Frisco SAB (MFRISCOA MM), the mining company owned by Slim, advanced 3.9 percent to 47.98 pesos as commodities gained after Federal Reserve Chairman Ben S. Bernanke said the central bank may take further steps to sustain an economic recovery. The Standard & Poor’s GSCI index of 24 raw materials rose 2.8 percent, its first gain in four trading sessions.

--Editors: Brendan Walsh, Glenn J. Kalinoski

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus