América Móvil loses top spot on Mexico index

The shares of the wireless company willl be overtaken by retailer and bottling firm Femsa, with a 13.03 percent weight.

Mexico's IPC index represents the country's 35 most liquid shares. (Photo: Archive/El Universal)
English 01/12/2015 10:21 Reuters Actualizada 10:21
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Billionaire Carlos Slim's telecommunications giant América Móvil is set to be knocked off its perch as the top-weighted company on Mexico's benchmark stock index, after a quarterly rebalancing that takes effect on Tuesday.

The shares of the region's biggest pay TV and wireless company will carry a 12.73 percent weight on Mexico's IPC index, overtaken by retailer and bottling firm Femsa, with 13.03 percent.

The IPC represents the country's 35 most liquid shares.

América Móvil held a 14.45 weight in the index from September to November, versus Femsa's 12.03 weight, but its share price has tumbled over the past six months.

The firm reported its first quarterly loss in 14 years last month due to a sharp depreciation in Latin America's currencies and a squeeze on its profit margins by tougher regulation in Mexico, its biggest market.

The other three highest-weighted firms in the IPC are Wal-Mart de México, the country's biggest retailer, with 8.64 percent; broadcaster Grupo Televisa, with 8.58 percent; and bank Grupo Financiero Banorte, with 8.40 percent


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