Mexico's Vitro firms on better export prospects

Date: 7 November 2003
Source: Forbes.com

Date: 7 November 2003

Shares of Mexican glassmaker Vitro extended gains Thursday in what analysts said was a late reaction to improved growth prospects for companies that export heavily to the United States.

After setting a 1-year high at 9.80 pesos earlier in the session, Vitro shares rose 4 percent to 9.69 pesos on the Mexican bourse Thursday afternoon.Its American Depositary Receipts jumped 16 cents, or 6.4 percent, to $2.65 on the New York Stock Exchange.

News last week that the U.S. economy surged at its fastest pace in more than 19 years in the third quarter gave a much needed boost to Mexican shares. The United States is Vitro's main export market.

The local bourse has firmed about 6 percent over the past two weeks as it flirts with all-time highs. By comparison, Vitro's share price rose 13 percent over the same period.

"What we have seen is that Vitro was lagging behind. The U.S. GDP (gross domestic product) numbers were strong and have helped to boost shares (of companies) that depend on the U.S. economy," said Luis Miranda, an analyst with Santander-Serfin.

Vitro makes flat glass used in the automotive industry and for construction. It also makes bottles for perfumes and drinks.
600450 Mexico's Vitro firms on better export prospects glassonweb.com

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