January 31, 2013
Financial Times, 1/30/2013
High street stores do not come much more Mexican than Sanborns. With its rather disjointed collection of chocolates, jewelry and magazines and its cafeterias staffed by waitresses in folkloric skirts, the retail chain has long been a symbol of homespun tradition. But even with its chaotic charm and staid looks, Sanborns, owned by Carlos Slim, the world’s richest man, is now also becoming a symbol of Mexico’s new-found economic dynamism.
This month, Mr Slim confirmed that he would list Sanborns on the stock market to raise about $800m. The idea, he said, was to take advantage of high stock valuations and use the money to cater to the increasing prosperity of the country’s middle classes. Sanborns’ plans to list come as the country is becoming the latest darling of international investors, emerging from the shadow of Brazil, whose economy has lost its lustre. Mexico’s economy expanded almost 4 per cent last year, about double the average annual growth rate this century.
August 6, 2012
The Wall Street Journal, 8/6/12
Mexico’s stocks opened higher Monday in line with equities markets overseas, while the peso continued its recent positive run against the U.S. dollar…
Mexico’s peso continued to chalk up gains, after reaching its strongest close in three months following last Friday’s better-than-expected U.S. payrolls report. The peso was trading in Mexico City at MXN13.0750 to the dollar, according to
Infosel, compared with MXN13.1380 at the close Friday.
January 26, 2012
The following companies are having unusual price changes in Mexico trading. Stock symbols are in parentheses and prices are as of 12:47 p.m. Mexico City time. The IPC index rose 0.5 percent to 37,036.59.
Mexican stocks followed U.S. equities higher as the Federal Reserve said interest rates will remain low until late 2014. Mexico sends about 80 percent of its exports to its neighbor to the north. Gruma SAB (GRUMAB MM), Mexico’s largest maker of corn flour for tortillas, rose 2.8 percent to 27.27 pesos. Consorcio Ara SAB (ARA* MM), a Mexican homebuilder, gained 2.8 percent to 4.10 pesos.
Empresas Ica SAB (ICA* MM), the country’s biggest construction company, jumped 7.9 percent to 20.50 pesos. Payment due this year on construction projects may help reduce Ica’s indebtedness, buoying optimism it will rebound from last year’s 46 percent drop, said Gonzalo Fernandez, an analyst from Banco Santander SA, in a telephone interview from Mexico City.
July 20, 2011
San Francisco Chronicle, 7/20/11
Wal-Mart de Mexico SAB, Latin America’s largest retailer, retreated to the lowest price since October after costs related to store openings cut into second- quarter profit.
The shares declined 3.2 percent to 32.98 pesos, the lowest closing price since Oct. 21.
Wal-Mart de Mexico’s second-quarter profit fell 3.4 percent to 4.49 billion pesos ($385 million), down from 4.65 billion a year ago, the Mexico City-based company said yesterday. The retailer ramped up store openings to 132 in the quarter, more than double the 52 opened in the same quarter last year.
July 20, 2011
The Wall Street Journal, 7/20/11
Mexican stocks suffered deep losses Wednesday on disappointing second-quarter earnings reports for local heavyweights, as more companies prepared to release their numbers.
The IPC index of leading issues fell 1.1% to 35342 points on volume of 273.3 million shares valued at 5.84 billion pesos ($501 million). The index has fallen for five sessions in a row, including a 1% loss to start the week, and decoupled from U.S. benchmarks like the Dow Jones Industrial Average that have capitalized on U.S. earnings reports and some positive economic signs.
A local equities analyst said investors were souring on the local market with every new report showing that Mexico’s leading companies were struggling to deliver strong returns. “If market leaders are not leading the way, there is a general loss of confidence,” the analyst said.