Bloomberg News

Mexico Stocks: Homebuilders, Grupo Modelo, Axtel Were Active

June 18, 2012

The following companies had unusual price changes in Mexico City trading. Stock symbols are in parentheses, and prices are as of the close of trading.

The IPC index rose 0.9 percent to 38,060.82.

A beermaker and a phone company were among the worst- performing companies on the benchmark index amid concern Europe’s debt crisis is worsening after Spanish bond yields climbed to a euro-era record.

Grupo Modelo SAB (GMODELOC) , Mexico’s largest brewer, fell 1.8 percent to 95.99 pesos. Axtel SAB (AXTELCPO) , Mexico’s second-largest land-line phone company, declined 2.9 percent to 2.71 pesos.

The National Association of Home Builders/Wells Fargo confidence index rose to 29 in the U.S., the highest since May 2007, from a revised 28 in May that was lower than first estimated. The gauge exceeded the median estimate of 28 among economists surveyed by Bloomberg.

Desarrolladora Homex SAB (HOMEX*) , Mexico’s largest homebuilder by sales, climbed 2.6 percent to 29.60 pesos. Corp. GEO SAB (GEOB) , Mexico’s second-largest homebuilder, advanced 2.8 percent to 12.72 pesos. Urbi Desarrollos Urbanos SAB (URBI*) , Mexico’s third-largest homebuilder, rose 0.8 percent to 11.22 pesos.

Grupo Elektra SA (ELEKTRA*) , the retail and banking company controlled by billionaire Ricardo Salinas, plunged 8 percent to 408.79 pesos amid growing speculation it will exit the benchmark index. Elektra has plummeted 68 percent since April 11, when the Mexican stock exchange changed its requirements for eligibility on the benchmark gauge, saying shares tied up in derivative instruments couldn’t be counted toward the free-float prerequisite.

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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