Baking giant Bimbo rises after 'positive' second-quarter report
Shares of Grupo Bimbo BIMBOA.MX, one of the world's largest breadmakers, jump after an earnings report considered as positive by analysts
Shares of the Mexican company rise 8.5% to 54.28 pesos on morning trading, pares gains after rising as much as 10%
On Thursday afternoon the breadmaker reported a 14.9% net profit drop year-on-year in the quarter at 2.82 billion pesos, but its net sales grew 9.4% in the period
"Bimbo presented a positive report," Monex financial group said in an analysis note, highlighting the resilience of the Mexican market
Brokerage Analysts said they expect "a neutral-to-positive stock reaction," as "consolidated sales and margins were above our more cautious estimates."
Shares on track for best day in more than three years
Today's gains added 18.4 billion pesos ($991.54 million)to company's market cap
($1 = 18.5569 Mexican pesos)
