Grupo Aeroportuario del Sureste SAB rallied to a record as June traffic growth bolstered by an expansion in Cancun attracted a buy recommendation for the Mexican airport operator.

Shares of the company known as Asur climbed for a fifth straight day, rising 1.2 percent to 234.26 pesos at 1:33 p.m. in Mexico City, the highest level on a closing basis since the company first sold shares in September 2000. The benchmark IPC gained 0.4 percent.

Interacciones Casa de Bolsa said investors should buy the stock, revising its previous hold recommendation, after the Mexico City-based company said passenger traffic increased almost 16 percent in June from a year earlier. Expansion of its Cancun airport as well as more travelers flying instead of taking the bus made the shares attractive, according to Francisco Guzman, an analyst at the firm.

“We saw a great performance by Asur, much more than we were expecting,” Guzman said by phone from Mexico City. “We decided to upgrade our recommendation because of how the company is doing right now, and even more so because of the advances we expect to see in the next 12 months.”

This article was written by Carolina Wilson from Bloomberg and was legally licensed through the NewsCred publisher network.

Tags: cancun
Photo Credit: The private air terminal at Cancun International Airport. Frank Lopez / Twitter