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 Receipts swapped their recently delisted ADRs for Mexican-listed stock.
Trading volume was around 2 million shares.
More: today.reuters.com
Mexico's TV Azteca to prepay 1.4 bln pesos of debt
Mexico's No. 2 broadcaster TV Azteca said on Friday that this month it will prepay 1.406 billion pesos ($131 million) of debt with local bank Banco Inbursa that is due to expire in 2008.
Azteca (TVAZTCACPO.MX: Quote, Profile, Research)(TZA.N: Quote, Profile, Research), owned by media and retail magnate Ricardo Salinas, said it was funding the debt prepayment with the proceeds of a bond issue in Mexico. ($1 = 10.694 pesos)
More: today.reuters.com
UPDATE 1-Mexico's Geo 3rd-qtr net profit rises 32 pct
Geo, Mexico's No. 1 home builder, posted a 32 percent rise in third-quarter net profit from a sales surge during a nationwide housing boom.
Geo (GEOB.MX: Quote, Profile, Research) said on Wednesday net profit in the July-September period was 267 million pesos ($25 million) as revenues rose 24 percent.
Revenues at Geo jumped to 2.657 billion pesos as the company sold 9,624 houses in the period, up from 8,600 homes in the same quarter a year earlier.
Geo said its core earnings before interest, taxes, depreciation and amortization rose 31 percent to 641 million pesos.
"For
It's obvious the United States and Mexico are going to be in the 2006 World Cup in Germany. Surely, U.S. manager Bruce Arena and Mexican manager Ricardo LaVolpe would not admit this in front of their players, but it's reality.
On Saturday, it's win and you're in when the teams meet in Columbus, Ohio.
And the sooner a team qualifies, the better its chances could potentially be at the World Cup.
So here's the plan: Win and qualify. Celebrate briefly. Refocus.
Realistically, the U.S. and Mexico have navigated the CONCACAF qualifying waters with confidence and have put themselves in position to qualify for Germany
Grupo Mexico, Usiminas, Brasil Telecom: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
TV Azteca SA (TVAZTCPO MM): Mexico's second-largest television broadcaster yesterday said its Azteca America unit, which serves the Spanish-speaking market in the U.S., signed an agreement with Comcast Corp., the world's largest cable- television provider. The agreement will allow Azteca America to offer programming through Comcast's network in the U.S., TV Azteca said in a statement to the Mexican exchange. TV Azteca shares
Mexico 1-month T-bill yield rises to 7.02 pct
The yield on Mexicos benchmark 28-day Cetes, or T-bills, edged up 1 basis point to 7.02 percent on Tuesday amid expectations of rising U.S. interest rates.
Longer-term Cetes yields ticked up from last week at a central bank auction, along with rates on Mexicos 3-year and 7-year peso from when they were last auctioned on May 16.
The yield on the three-month bill rose to 7.36 percent from 7.28 percent last week, while the yield on the six-month yield rose to 7.63 percent from 7.50 percent.
The 3-year peso bond rose to a yield of 8.50
Mexicos Comerci net seen up on strong operations
Comercial Mexicana, one of the countrys largest retailers, will likely report a 35 percent rise in net profit for the second quarter thanks to a rise in sales and operational improvements.
Known by investors as Comerci (COMERCIUBC.MX: Quote, Profile, Research) (MCM.N: Quote, Profile, Research), the company should report a net quarterly profit of 302 million pesos ($27 million), according to the average estimate of five analysts consulted by Reuters.
Comerci, which is expected to report better results from its updated distribution operations and better negotiations with suppliers, is scheduled to report its quarterly results on
Mexico's Bolsa Rises, Led by America Movil, Cemex: Latin Stocks
Mexico's benchmark stock index rose to a record on the prospect of government spending on construction that will spur profits at companies such as cement maker Cemex SA.
The Bolsa index rose 150.54, or 1.1 percent, to 14,123.15 as of 1:50 p.m. New York time, surpassing the previous high July 14. America Movil SA, Latin America's No. 1 mobile-phone company, led the gain followed by Cemex, the world's third-largest cement maker. Elsewhere in the region, Chile's IPSA index of 40 stocks rose 1 percent to 2124.10, headed for a third
Mexico's Bolsa Rises on Fox Budget Proposal: Latin Stocks
Mexico's benchmark stock index rose a fifth day, extending a record, after President Vicente Fox submitted a plan to generate a budget surplus for the first time in a decade.
The Mexican Bolsa rose 142.78, or 1 percent, to 15000.09, at 12:03 p.m. New York time. Cemex SA, the world's third-largest cement maker, led the rise. Elsewhere in Latin America, Brazil's Bovespa was little changed, rising 26.96, or 0.1 percent, to 28,548.96.
Fox's budget plan, which proposes paying down external debt for a third straight year in 2006, adds to investor
Mexico's Banamex profit rises 5 percent
Mexico's Banamex bank, owned by Citigroup Inc, (C.N: Quote, Profile, Research) said on Monday its net profit rose 5 percent in the second quarter, helped by growth in consumer credit but held back by lower profits from investment banking.
Banamex, Mexico's second largest bank, said it earned $454 million in the April to June period compared to $431 million in the year-ago period, with a 57 percent rise in profits from consumer banking to $368 million from $235 million a year ago.
In corporate and investment banking, Banamex earned $76 million during the quarter compared to $184
Mexico's Peso Rises to 28-Month High on Interest Rate Outlook
Mexico's peso rose to its strongest against the dollar since July 2003 on speculation that the yield advantage of the country's securities relative to the U.S. will remain high, helping to attract increased investment.
Interest-rate reductions by MexicO'S central bank probably will be limited in the months ahead by the U.S. Federal Reserve's actions and will help keep Mexico's bonds and peso attractive, said Lawrence Goodman, head of emerging markets strategy with Bank of America.
``A Fed that is likely to tighten rates will ultimately place a limit on how
