Cemex climbs most in 2 weeks as US shows improved outlook

Cemex climbs most in 2 weeks as US shows improved outlook
Published: 19 November 2010

Cemex, the largest cement maker in the Americas, climbed the most in two weeks after reports on manufacturing and jobless claims in the U.S. signaled an improved economic outlook.

Cemex gained 2.2 percent to 11.35 pesos in Mexico City trading at 1:21 p.m. New York time, the biggest jump since Nov. 4. The shares have advanced 4.9 percent this month.

The U.S. Labor Department reported initial jobless claims increased less than forecast by 439,000 in the week ended Nov. 13. Manufacturing in the Philadelphia region expanded in November at the fastest pace this year.

“If you’re waiting for a recovery in the company’s results, in the company’s finances, this depends principally on the performance of its U.S. operations,” said Carlos Hermosillo, an analyst with Grupo Financiero Banorte, in a telephone interview from Mexico City.