Mexico stockbrokers ask bourse to probe Elektra stock surge

4/11/2017 Reuters

Photo by Flikr user LyfetimeMembers of Mexico’s association of brokerages last week asked officials from the country’s stock exchange to look into a recent surge in the stock price of banking and retail company Elektra (ELEKTRA.MX), according to three members of the group.

Shares of Elektra, which runs appliance stores that have banking and money transfer businesses, are up more than 166 percent so far this year, trading at a five-year high of 701 pesos per share, compared to a 9 percent gain in Mexico’s IPC stock index .MXX.

The jump has more than doubled the company’s market capitalization since the end of February to nearly 164 billion pesos ($8.7 billion), according to Reuters data.

Members of the analysis committee of the Mexican Association of Stock Institutions (AMIB) at a meeting on Thursday asked representatives of the Mexican stock exchange to look into the reasons behind the big gains in Elektra’s stock price, according to three people at the meeting, who asked for anonymity due to the sensitivity of the matter.

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