Mexico stocks gain, Vitro surges on sale of unit

Date: 9 February 2004
Source: Forbes.com

Date: 9 February 2004

Mexican stock ticked higher Monday, led by gains in glassmaker Vitro after the company said it was selling its stake in a fiber glass unit, although some traders expected a dip in market later.

"Investors are following last week's tendency, but I think we'll see some profit-taking," a trader said in Mexico City.

The IPC benchmark stock index rose 0.21 percent at mid-morning, adding to a run-up of more than 3 percent last week.

"The news about Vitro and also Apasco, are important today," the trader said.

The shares of glassmaker Vitro SA surged 2.36 percent to 13.00 pesos after it said it would sell its 60 percent stake in its fiber glass unit to U.S. building materials company Owens Corning, its partner in the joint venture, for $71.5 million.

Vitro's New York-traded shares fell 0.29 percent to $3.43 in light volume.

Cement company Apasco SA de CV, rose a slight 0.02 percent to 110.00 pesos.

The company's shares soared 14.02 percent Friday after Switzerland's Holcim Ltd its parent company and the world's No. 2 cement maker, made a $750 million bid for full control.

Retailer Grupo Elektra SA de CV fell 4 percent to 49.50 pesos, continuing to suffer from majority owner Ricardo Salinas' involvement in a controversial debt deal that has bruised investor confidence.

Elektra's American Depositary Receipt (ADR) lost 4.33 percent to $18.10.
600450 Mexico stocks gain, Vitro surges on sale of unit glassonweb.com

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