Market Watch Mar 16, 2017
In an ironic twist, shares of U.S.-based cement suppliers traded mostly lower Thursday, while Mexico-based Cemex SAB’s stock surged, following President Donald Trump’s request to Congress for over $4 billion to start building a border wall.
Cemex’s U.S.-listed stock CX, -2.66% rallied 2.6% to close at $9.11, to close up 2% since the election.
As one of the world’s largest makers of building materials, including cement and ready-mix concrete, some had expected the company to benefit the most if Trump followed through on his promise to build a wall on the U.S. border with Mexico, whether he gets Mexico to pay for it or not.
Cemex received 26.5% of its total revenue from the U.S. in 2016, and 20.4% of its revenue from Mexico, according to data provided by FactSet.
Meanwhile, U.S. cement suppliers received virtually all of their revenue from the U.S. last year.
More:
https://www.marketwatch.com/story/american-wall-builder-stocks-knocked-down-after-trump-budget-plan-2017-03-16