Bloomberg News

Mexico Stocks: Empresas ICA, TV Azteca Advance; Alfa Declines

October 28, 2011

Oct. 28 (Bloomberg) -- The following companies had unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of the close in Mexico City.

The IPC index fell 0.1 percent to 36,708.64.

Most Mexican stocks fell amid concern yesterday’s rally, driven by a European agreement on solving the debt crisis, went too far.

Alfa SAB (ALFAA MM), the world’s largest producer of aluminum engine heads, fell 3 percent to 159.08 pesos, erasing yesterday’s advance. Grupo Aeroportuario del Sureste SAB (ASURB MM), the operator of airports in southern Mexico, fell 1.7 percent to 74.28 pesos.

Empresas ICA SAB (ICA* MM), the country’s biggest construction company, surged 10 percent to 17.38 pesos, extending a rally sparked by its earnings report and renewed appetite for riskier emerging-market assets. Net income surged 1,360 percent in the third quarter to 905 million pesos, while sales grew 22 percent to 11.4 billion pesos in the period, according to results reported yesterday before markets opened.

TV Azteca SAB (AZTECACP MM), Mexico’s second-largest broadcast television network, rose 0.9 percent to 7.92 pesos. TV Azteca SAB expects revenue growth to climb next year at a rate in the mid- to high-single-digit percentage points, said Bruno Rangel, the company’s investor relations manager, on a conference call today.

--Editors: Marie-France Han, Brendan Walsh

To contact the reporter on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

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


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