Grupo Mexico sinks, rebounds after apparent trading gaffe

MEXICO CITY, April 24 Wed Apr 24, 2013 11:35am EDT

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MEXICO CITY, April 24 (Reuters) - Mexico's stocks briefly extended sharp losses on Wednesday as shares in miner Grupo Mexico sank around 7 percent to a nearly 8-month low before quickly rebounding.

The sharp drop in the Grupo Mexico shares triggered the Mexican markets circuit breakers to suspend trading. The shares snapped back to trade flat once they resumed trading. Traders said the drop was spurred by a large, mispriced trade.

The IPC stock index sank over 2 percent as Grupo Mexico fell, but bounced back to trade down 1.54 percent at 42,251 points, hit by losses in shares of bottler Coca-Cola Femsa and retailer Wal-Mart de Mexico following the companies' earnings reports.

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