Bloomberg News

Mexico Stocks: Cemex Gains; Grupo Mexico, Minera Frisco Fall

October 19, 2011

Oct. 19 (Bloomberg) -- The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of the close of trading.

The IPC index fell 1.4 percent to 34,523.27.

Cemex SAB (CEMEXCPO MM), the largest cement maker in the Americas, rose 0.2 percent to 4.82 pesos after gaining as much as 6.4 percent earlier today. The company has paid off more than half of a $15 billion bank loan, allowing it to avoid an increase in interest rates that was set to take effect at yearend. Cemex made a payment of $131 million today, bringing the total amount paid back to $7.66 billion, said Jorge Perez, a spokesman for the Monterrey, Mexico-based company. Cemex restructured the bank debt in 2009 to avoid defaulting amid the global financial crisis.

Mexican industrial materials companies fell as a split emerged between France and Germany on ways to boost the European bailout fund, and the Federal Reserve said companies grew more pessimistic about the economy. The Standard & Poor’s GSCI index of 24 raw materials fell 1.7 percent, its biggest drop this month.

Grupo Mexico SAB (GMEXICOB MM), the country’s largest mining company, fell 2 percent to 34.85 pesos.

Industrias Penoles SAB (PE&OLES* MM), Mexico’s largest silver producer, fell 2.6 percent, the most this month, to 560.34 pesos.

Minera Frisco SAB (MFRISCOA MM), the mining company controlled by billionaire Carlos Slim, fell 3.1 percent to 54.19 pesos. The company named Alejandro Aboumrad Gonzalez to the post of chief executive officer yesterday, after Justo Wong Salinas left the company for “personal reasons”. Aboumrad will continue as CEO of Impulsora del Desarrollo y el Empleo en America Latina SAB, an official who can’t be named under company policy said today in an e-mail.

--Editor: Marie-France Han

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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