Cemex stock falls over Brexit fears

Cemex saw a further day of losses at the Mexican Stock Exchange (BMV). Since Friday, its shares have fallen 14.74 per cent following the announcement of the UK’s departure from the EU. On Monday, shares fell 5.6 per cent to close at a price of MXN10.61 (US$0.56)/share.

The fall is attributed to the potential impact of Brexit on the company’s UK operations following the surprise result of the referendum held on Thursday, explained Marco Medina, analyst at Grupo Financiero Ve por Mas. He added that a high degree of uncertainty remains. Around eight per cent of the company’s revenues is derived from the UK.

Shares of Cemex SAB de CV (ADR) listed on the NYSE fell by 19.3 per cent from US$6.80 on Thursday, 23 June to US$5.49 on close of play on Monday, 27 June.