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Grocery chain La Comer joins Mexico's top market index
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Grocery chain La Comer joins Mexico's top market index
Sep 14, 2024 12:39 AM

MEXICO CITY, Sept 13 (Reuters) - Mexican supermarket

chain La Comer will join the nation's benchmark stock index, S&P

Dow Jones Indices said on Friday, as part of a semi-annual

reshuffle.

Shares in La Comer will be added to the

S&P/BMV IPC index, replacing shares in retailer Elektra

, which lost its spot after trading in the firm was

suspended on an alleged multi-million-dollar fraud scheme by

depositaries.

La Comer will enter the index on Sept. 23, S&P Dow Jones

Indices said.

Since it was initially announced that La Comer could enter

the index, shares in the firm have climbed nearly 14% in their

best weekly performance since April 2020.

La Comer was founded and went public in 2016. Its

predecessor, Comercial Mexicana (Comerci), was hit hard by the

2008 financial crisis and forced to sell off most of its stores

as part of a restructuring.

La Comer currently operates 84 stores in Mexico, under its

flagship brand but also as City Market, Fresko and Sumesa

locations. The chains primarily target middle- and upper-class

clients.

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