Bloomberg News

Mexico Stocks: Compartamos, Grupo Mexico, Minera Frisco Advance

December 29, 2011

Dec. 29 (Bloomberg) -- The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 10:30 a.m. in Mexico City.

The IPC index rose 0.5 percent to 36,817.68.

Compartamos SAB (COMPARC* MM), the holding company that controls low-income lender Banco Compartamos, rose 1.4 percent to 16.93 pesos ahead of a lending report that Mexico’s central bank is scheduled to publish tomorrow. Grupo Financiero Banorte (GFNORTEO MM), Mexico’s third-largest bank by outstanding loans, gained 0.2 percent to 42.83 pesos. Bank lending, excluding loans from development banks, rose 12.3 percent in inflation-adjusted terms in October, the nation’s central bank said in a report published Nov. 30.

Mining companies recovered even as gold and silver extended losses.

Minera Frisco (MFRISCOA MM), the mining company controlled by billionaire Carlos Slim, rose 1.8 percent to 50.97 pesos. Gold futures for February delivery declined 2.1 percent to $1,532 an ounce on the Comex in New York. The metal headed for the longest slump since March 2009 as gains in the dollar reduced demand for precious metals as alternative assets.

Grupo Mexico SAB (GMEXICOB MM), the country’s largest mining company, rose 0.4 percent to 36.78 pesos, the first gain in three days. Copper futures for March delivery rose as much as 1.1 percent to 3.4015 on the Comex. Earlier, the industrial metal fell to $3.325, the lowest since Dec. 20. Copper dropped in each of the previous two sessions.

--Editors: Richard Richtmyer, Brendan Walsh

To contact the reporter on this story: Jose Enrique Arrioja in Mexico City at jarrioja@bloomberg.net

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


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