Bloomberg News

Mexico Stocks: Axtel, Cemex, Grupo Mexico, Homex Shares Retreat

November 01, 2011

Nov. 1 (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 1.2 percent to 35,742.57.

Most Mexican stocks fell on concern that a Greece referendum pledged by Prime Minister George Papandreou may threaten Europe’s bailout.

Cemex SAB (CEMEXCPO), the largest cement maker in the Americas, declined 4.3 percent to 5.55 pesos. Axtel SAB (AXTELCPO MM), Mexico’s second-largest land-line phone company, fell 2.7 percent to 4.28 pesos.

Mexican homebuilders closed at the lowest level in two years as increased investments and delayed government housing subsidies add to cash-flow concerns, according to Carlos Hermosillo, an analyst with Grupo Financiero Banorte-Ixe in Mexico City. The Habita index of six Mexican homebuilders fell 5.5 percent.

Desarrolladora Homex SAB (HOMEX* MM), Mexico’s largest homebuilder, fell 6.8 percent to 31.18 pesos. Corp. Geo SAB (GEOB MM), Mexico’s second-largest homebuilder, dropped 4.3 percent to 17.53 pesos. Urbi Desarrollos Urbanos SAB (URBI* MM), Mexico’s third-largest homebuilder, declined 6.5 percent to 15.83 pesos.

Grupo Mexico SAB (GMEXICOB MM), the country’s largest mining company, fell 1.8 percent to 36.36 pesos. Copper for December delivery dropped as much as 4.7 percent to $3.4620 a pound on the Comex in New York.

--Editors: Marie-France Han, Richard Richtmyer

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


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus