Mexico May Double Stock Listings in Five Years, Zorrilla Says
Mexico’s new securities law may help double the size of the stock market within five years by encouraging more companies to list shares, an official at the bourse said.
The law, approved by Congress last week, makes it easier for smaller companies to sell shares and lowers the costs of taking on venture capital partners. It also increases the rights of minority shareholders, said Pedro Zorrilla, chief operating officer of the Mexican stock exchange in Mexico City. The exchange expects as many as 260 listings in five years from about 130 now, he said.
“With a new law, a growing and stable economy, the stock exchange is increasing its efforts for the incorporation of new companies,'’ Zorrilla said in an interview.
More: quote.bloomberg.com
Mexico stock index hits all-time high
The heady growth of Mexico's stock market over the last three years continued unabated on Thursday as the benchmark IPC index broke through the key psychological 17,000 level for the first time ever.
After rising by 1.8 per cent in Thursday's trading, the IPC has now risen by 41 per cent in dollar terms in the first eleven months of this year, after growth of 46.9 per cent in 2004 and 43.5 per cent in 2003.
Soure: msnbc.msn.com
Brazil, Mexico's Indexes Fall on U.S. Inflation: Latin Stocks
Brazil and Mexican benchmark stock indexes fell as higher-than-expected inflation in the U.S. raised concern interest rates may keep rising, reducing inflows to emerging markets.
Brazil's Bovespa index of the 57 most-traded stocks in the Sao Paulo stock exchange fell 514.20, or 1.7, to 29,727.41 at 2:13 p.m. New York time. The drop was led by state-controlled oil company Petroleo Brasileiro SA. In Mexico, the Bolsa fell 158.93, or 1 percent, to 15,123.80, led by America Movil, Latin America's largest wireless telephone company.
``Inflation there raises fears of lower growth and
RMC buy to double Mexico's Cemex net profit
Mexico's Cemex, the world's No. 3 cement maker, is seen doubling its third-quarter net profit from higher sales in the consolidation of Britain's ready-mix concrete giant RMC and financial gains.
A Reuters survey of six analysts forecast, on average, a July-September net profit for Cemex of $783 million, up 117 percent from a year earlier.
The survey forecast that Cemex's (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research)
revenues will jump 114 percent in the quarter, largely boosted by income from its $5.8 billion acquisition of RMC, the world's largest ready-mix concrete maker.
Financial gains from
Mexico's Grupo TMM Sells 18 Mln Kansas City Shares
Grupo TMM SA, Mexico's largest transportation company, said it sold 18 million shares of Kansas City Southern common stock at $22.25 a share, about 10 percent lower than the U.S. railway's closing price yesterday.
Mexico City-based Grupo TMM said in a statement on Business Wire today that it sold the stock to Morgan Stanley and will apply the proceeds toward debt. Kansas City Southern shares fell 32 cents to $24.68 yesterday in New York Stock Exchange composite trading.
Kansas City Southern, based in Kansas City, Missouri, said separately it would offer 9
Mexico airport privatization seen as high as $1 bln
Mexico's government could reap $1 billion this week when it lists airport operator GAP on the stock market in the biggest privatization in years.
The government is expected to sell its 85 percent stake in Grupo Aeroportuario del Pacifico, which operates 12 airports in Mexico, including busy destinations like Guadalajara, Tijuana and Puerto Vallarta, for between $18 and $20 per U.S.-traded share.
Two-thirds of the government's 85 percent stake in the company, known as GAP and expected to be priced on Thursday, will be sold to U.S. investors as American Depositary Receipts, according to
Mexico's TV Azteca rises 4 pct after results
Shares in Mexico's No. 2 broadcaster TV Azteca jumped more than 4 percent on Wednesday following healthy second-quarter results, though the size of the rise puzzled many traders and analysts.
TV Azteca shares (TVAZTCACPO.MX: Quote, Profile, Research) were up 4.12 percent at 6.07 pesos in mid-morning trade, far outpacing a 0.71 percent gain on Mexico's benchmark IPC stock index.
"It could be because their results yesterday were good, and that's being reflected in the share price today," said one trader.
Others speculated the stock was boosted by extra trading volume after holders of Azteca's American Depositary
Grand-Am: McDowell to pull double duty in Mexico.
Grand-Am Daytona Prototype star Michael McDowell will have a busy weekend at the season finale in Mexico City next month, having landed an opportunity to race the Rocketsports Champ Car at the same meeting.
The 20-year old will link up with Paul Gentilozzi's squad for the final two CCWS events in Surfers Paradise and Mexico City, driving the #31 Lola-Cosworth piloted until now by fellow American Ryan Hunter-Reay. McDowell will also continue to co-drive the Finlay Motorsports Daytona Prototype in Grand-Am's Rolex Series, whose final round shares the bill with Champ Car in Mexico
Delta to fly eight new routes to Mexico
Delta Air Lines Inc. on Tuesday said it plans to fly eight new routes to Mexico as part of its bankruptcy reorganization plan, which includes boosting international capacity.
The nonstop service would include flights from Atlanta to Acapulco and Zihuatanejo-Ixtapa; from Boston, Cincinnati and Washington to Cancun and from Los Angeles to Cabo San Lucas, Puerto Vallarta and Zihuatanejo-Ixtapa.
Delta is waiting for clearance from the Transportation Department on several of the routes but, if added, the new flights would more than double its service to Mexico by April 2006.
The additions are a response "to
Stocks Close Higher in Argentina, Lower in Mexico, Brazil
Latin America's three major stock markets closed mixed on Monday.
The Buenos Aires stock market closed with the Merval index up by 1.42 percent and ended at 1,550.96 points. The trade volume was 14 million U.S. dollars.
Mexico City's stock market IPC index dropped 0.14 percent and closed at 17,776.88 points. A total of 6.4 million shares were traded at 10.7 million dollars.
In Sao Paulo, Latin America's biggest bourse, the leading Bovespa index closed at 33,297 points, down 0.10 percent. The trade volume was 192 million dollars.
More: blackenterprise.com
Stocks close higher in Mexico, lower in Argentina, Brazil
Latin America's three major stock markets closed mixed on Friday.
Mexico City's stock market IPC index rose by 0.77 percent and closed at 16,879.37 points. A total of 61 million shares were traded at 102.1 million US dollars.
The Buenos Aires stock market closed with the Merval index slightly down by 0.11 percent and ended at 1,629.63 points. The trade volume was 17.89 million dollars.
In Sao Paulo, Latin America's biggest bourse, the leading Bovespa index closed at 31,920 points, down by 0.08 percent. The trade volume was 470.2 million dollars.
More: english.people.com.cn
