Thursday , December 3 2020

At the initiative of Morena, mining companies add 38 mmdp losses in 3 days



mining you lose more than those with the 38-MMDP at the initiative of the wife
Rupo Mexico and Peñoles are the two mining companies with the most losses in BMV,
while Frisco and Autlán were not directly affected. Photo: Special

The uncertainty generated by Morena's proposal in the Senate, which aims at stricter settlement of the land exploited by mining companies, has led to the loss of shares in the companies listed on the BMV Stock Exchange in two days with stock market capitalization amounting to more than 38 billion pesos.

So far, Grupo México has lost 25 000 223 million peso since the announcement to include new regulations in mining law; while Industry Peñoles recorded losses of 12,000 890 million pesos at market value.

According to the analysis of the Banco S & P / BMV IPC base, the BMV ended the session with a 0.55% adjustment, traded at 41,000 271.12 points, a session in which the volume of operations was 68.76% lower from the average for 30 days.

Inside the third consecutive session there is a strong drop in mining stations; Grupo México and Industrias Peñoles fell by 4.71% and 3.49%, respectively. Although the stock market losses for Minera Autlán and Frisco led to a loss of 81.6 million pesos and 203.6 million euros respectively in capitalization.

The decline of Grupo México three days after the release of the information was a reduction of 1.87%; while Peñoles made it 7.17%; the day before the fall was 2.06 and 7.78% respectively.

Graphics: The reason for Mexico

In addition to this tension, the Mexican Stock Exchange withdrew for a third consecutive day in part-time operations due to Cemex's extra pressure, whose shares fell about 2.45% and the share price of 9.16 pesos.

Cemex reported that its Colombian subsidiary was separated from some executives, including Edgar Ramirez, former Vice President of Company Planning, of irregularities found in connection with the purchase of land for the construction of a cement plant in Maceo, Antioquia.

Moreover, the fact that Morgan Stanley lowered its recommendation and target price for Grupo Mexico and Peñoles, citing other initiatives previously presented in Congress that could complicate the industry scenario.

After the fall of banks listed on the stock exchange, as suggested by Morena in the Senate, to reduce fees, Juan Musi Amion, CFO General Director of Fondos, said that a series of statements about various situations, made the markets nervous, affecting, as well as at the moment, the actions of the major banks in the country.

At that time, the shares of the five major banks listed in the country's index of prices and prices fell 5.8% to the BMV, which means a decline in the capitalization value of the equivalent of about 82 billion pesos.

At that time, Musi commented that if the statements continued to be so mild, there was a danger that the sudden movements would continue to pull the BMV.

Fall of mining companies

Metal producers object to the initiative presented by Morena.

  • Penoles: Peñoles Industries began trading on the Mexican Stock Exchange (BMV) on September 5, 1961
  • Grupo México: Actions of the mining company, which is currently quoted at 38.91 pesos per heading; They lose weight for only 24 hours.

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