Member access

4-Traders Homepage  >  Shares  >  BOLSA MEXICANA DE VALORES (MEXICAN STOCK EXCHANGE)  >  America Movil SAB de CV    AMX L   MXP001691213

End-of-day quote. End-of-day quote BOLSA MEXICANA DE VALORES (MEXICAN STOCK EXCHANGE) - 09/02
16.39 MXN   +2.25%
2d ago AMERICA MOVIL SAB DE CV : Bank of America hired to sell America Movil asset..
4d ago TELEKOM AUSTRIA : Telecom Liechtenstein, Mobilkom merger completed
5d ago Telecom Italia acknowledges Vivendi decision on GVT unit
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

Mexico's Stocks Close Lower as America Movil Slips Further

02/14/2013 | 05:08pm US/Eastern
Recommend:
0

--IPC index closes down 0.5% at 43,878 points

--America Movil adds to previous session's losses

--Cemex shares rise 2.6% on company's upbeat outlook

By Anthony Harrup

MEXICO CITY--Mexican stocks fell for a fourth consecutive session Thursday, weighed down by further losses in shares of market heavyweight America Movil (AMX, AMX.MX), which had disappointing fourth-quarter earnings earlier in the week.

The IPC index of leading issues closed down 0.5% at 43,878 points on heavy volume of 432.9 million shares worth 14.31 billion pesos ($1.13 billion).

After a 10% slump the previous session, America Movil shares slipped a further 1.3% to close at MXN13.99, their lowest level since August 2011.

The company, controlled by billionaire Carlos Slim, reported a surprise drop in net profit for the fourth quarter as a result of a big financial charge, including exchange losses from the stronger euro. Earnings before taxes, depreciation and amortization fell 8% in the quarter as margins contracted as a result of falling voice traffic and an increase in mobile data usage, which requires greater company subsidies on handsets.

UBS said in a report that it is reviewing its buy recommendation for the shares. "These results, along with doubts as to how its FCF [free cash flow] will be deployed as well as regulatory issues, raise serious concerns," UBS said.

Cement company Cemex (CX, CEMEX.MX) CPO shares were among the top gainers, closing 2.6% higher at MXN13.62.

Cemex Chief Executive Lorenzo Zambrano said at an investor event that the company expects to increase its Ebitda to $4.7 billion in 2016 from $2.6 billion in 2012. Juan Pablo San Agustin, Cemex's executive vice president of planning and business development, said 80% of the incremental Ebitda is expected to come from the Americas, particularly the U.S.

Brewer Modelo (GPMCY, GMODELO.MX) C shares rose 4.4% to MXN113.58 after Constellation Brands and Anheuser-Busch InBev agreed to revised terms for AB InBev's divestiture of Modelo's U.S. assets, as AB Inbev seeks U.S. antitrust approval to buy the half of Modelo it doesn't already own.

"Constellation fully captures the power of Corona brand in the US; and Modelo gets really close to finalizing the deal, without giving up anything on this revised agreement," Credit Suisse analysts said in a note.

The Mexican peso closed little changed against the U.S. dollar, quoted in Mexico City at MXN12.6990, according to Infosel, compared with MXN12.6920 at the close Wednesday.

The peso recovered from some early weakness following unfavorable economic data in the euro zone, Banco Base said in a report.

Write to Anthony Harrup at anthony.harrup@dowjones.com

Recommend :
0
React to this article
Latest news on AMERICA MOVIL SAB DE CV
2d ago AMERICA MOVIL SAB DE CV : Bank of America hired to sell America Movil assets - B..
4d ago TELEKOM AUSTRIA : Telecom Liechtenstein, Mobilkom merger completed
5d ago Telecom Italia acknowledges Vivendi decision on GVT unit
5d ago Telefonica prevails in battle for Vivendi's Brazil unit GVT
5d ago Spain's Telefonica raises bid for Vivendi's GVT in Brazil
6d ago Brazil telecom battle heats up as Oi tries to buy, split TIM
08/21 AMERICA MOVIL SAB DE CV : Mexican billionaire offers advice for Latinos
08/21DJBrazilian Court Gives Green Light to Airwaves Auction Process
08/21 AMERICA MOVIL SAB DE CV : TracFone Wireless Assigned Patent
08/19DJTelecommunication-Tower Operator T4U Plans IPO in Brazil
Advertisement
Chart
Duration : Period :
America Movil SAB de CV Technical Analysis Chart | AMX L | MXP001691213 | 4-Traders
Income Statement Evolution
America Movil SAB de CV : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF