ADRs in Focus: Grupo Simec shares rally

Shares of Grupo Simec SAB de CV trading on U.S. exchanges jumped in afternoon trading Thursday after the Mexican steel company completed its acquisition of Corporacion Aceros DM, SA de CV.

The company's ADRs rose $1.77, or 11.4 percent, to $17.25 after touching a 52-week high of $17.25 earlier in the session. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

Grupo Simec said it had finished acquiring all of the shares representing the capital of Corporacion Aceros, also known as Grupo San.

The deal will make Grupo Simec, and its parent company Industrias CH, SAB de CV, the second-largest producer of rebar and the largest steel producer in Mexico, the company said in a statement in February announcing the deal.

At that time, the deal was valued at $850 million.

Additionally, the company said the deal would help boost its offerings in the Mexican market.

Since the deal was first announced, the stock has jumped more than 30 percent.

The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ rose 9.58 points, or 2.6 percent, to 377.75.

The Bank of New York Composite ADR Index gained 3.22 points to 181.05 as U.S. markets rose in afternoon trading.