MEXICO CITY, Jan 21 (Reuters) - Shares of Mexico's Grupo
Financiero Banorte fell for the fourth consecutive session on
Friday, a day after the company posted strong results and four
days after it saw its stock price reach an all-time high.
Shares in Banorte, which operates the largest
bank in the hands of Mexican investors, fell 4.6% to trade at
134.16 pesos on Friday.
The bank reported on Thursday that its net profit grew 52%
on a year-on-year basis during the fourth quarter to reach
nearly $442 million, with revenue during the three-month period
"It was a good report with momentum toward recovery and
(future) outlook. We attribute (the lower share price) more to
the context of global risk aversion," said Carlos Hernandez,
senior analyst at Masari Casa de Bolsa.
Some analysts also said Banorte's comments that it is
analyzing the possibility of buying Citibanamex, a local
subsidiary of U.S.-based banking giant Citigroup, could be
applying downward pressure on its shares, which climbed to an
all-time intraday record of 150.50 pesos on Monday.
"This time it's a bit of everything," said Jonathan Zuloaga,
an analyst at the Columbus consulting firm in Mexico. "A bad
session for the equity market and risk assets, plus there's been
noise for a few days about whether (Banorte) is interested in
Citi announced last week that it would sell its Citibanamex
operations, ending a two-decade retail presence in the Latin
American nation. According to an analysis note from Bank of
America, Banorte would be the best positioned lender in the
country for its acquisition.
(Reporting by Noe Torres; Writing by Kylie Madry; Editing by
David Alire Garcia and Paul Simao)