Mexico stocks gain, Vitro surges on sale of unit

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

See more news about:

Others also read

The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Architects Robert and Esteve Terradas of Barcelona describe the city’s newly-renovated and expanded (45,000 m2) Science Museum (completed September 2004) as "a living museum that will set new standards in terms of transparency - a very modern construction that will enable the plants and animals inside to really live and breathe." The project was made possible by the use of an innovative grade of DuPont™ SentryGlas© Plus™ structural interlayer that is "UV-breathable, on the flat roof of an Amazonian rainforest exhibit".The UV-breathable 938 m2 laminated glass roof is rectangular in shape.

Add new comment