Bloomberg News

Mexico Stocks: Grupo Elektra, Grupo Modelo, Homex, Minera Frisco

October 21, 2011

Oct. 21 (Bloomberg) -- The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 11:14 a.m. Mexico City time.

The IPC index gained 1.4 percent to 34,865.94.

Retailers and homebuilders advanced after the national statistics agency said Mexico’s unemployment rate fell to 5.68 percent in September from 5.79 percent in August. Economists expected a jobless rate of 5.85 percent, according to the median of 14 estimates compiled by Bloomberg.

Controladora Comercial Mexicana SAB (COMERUBC MM), the Mexican supermarket chain that defaulted on its debt in 2008, rose 1.8 percent to 19.09 pesos. Grupo Elektra SA (ELEKTRA* MM), the retail and banking company controlled by billionaire Ricardo Salinas, advanced 1.1 percent to 982.2 pesos.

Desarrolladora Homex SAB (HOMEX* MM), Mexico’s largest homebuilder, advanced 1.7 percent to 30.93 pesos. Urbi Desarrollos Urbanos SAB (URBI* MM), Mexico’s third-largest homebuilder, rose 1.7 percent to 21.5 pesos.

Grupo Modelo SAB (GMODELOC MM), the brewer of Corona beer, gained 2.3 percent to 80.73 pesos. Third-quarter profit rose 33 percent, beating the estimate of Fernando Olvera, an analyst at the Mexican unit of Banco Bilbao Vizcaya Argentaria SA, on higher prices and demand in Mexico and a stronger U.S. dollar. Sales climbed 1.4 percent to 23.6 billion pesos ($1.74 billion).

Minera Frisco SAB (MFRISCOA MM), the mining company controlled by billionaire Carlos Slim, advanced 1.6 percent to 53.37 pesos after the company reported third-quarter net profit of 155 million pesos, from a loss of 372 million pesos in the previous quarter. Frisco was spun off from Grupo Carso SAB in January.

--Editors: Brendan Walsh, 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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