Business
Mexican Stocks Rise To Two-Year High
Mexican stocks rose to the highest level in more than two years after a decline in jobless claims and a rise in durable goods orders in the U.S, Mexico’s biggest trading partner, boosted confidence in the economic recovery.
U.S orders for goods meant to last several years rose 0.2 per cent in November, pointing to increases in spending and production that will help sustain the expansion into 2010. The number of Americans filing claims for unemployment benefits recently declined to the lowest level since September 2008.
“The positive U.S data points to an amelioration that will also help Mexico recuperate,’ Gerardo Roman head of trading at Mexico City based Active SA, said by telephone.
“This will help Mexican stocks and we’ll probably see the rise continuing”.
The Bolsa index climbed 0.3 per cent to 32,548.53 in Mexico city trading at 1.30pm New York time. The measure has gained 2.2 per cent recently and is headed for a 45 per cent increase this year. The Peso gained 0.1 per cent versus the dollar. Industries penotes SA, the world’s largest dedicated silver producer, rose 1.5 per cent after prices of the metal climbed to the highest in a week.
Grupo Lamosa SAB, the Mexican real estate and building materials company, climbed to the highest in a year. Grupokuo SAB, the Mexican maker of auto parts, plastics and canned food, climbed 3.8 per cent.
Mexico’s unemployment rate dropped to 5.26 per cent in November, from 594 per cent the prior month, the national statistics agency said. Economists had forecast it would drop to 5.7 per cent a Bloomberg survey showed.
Bolsa Mexicanade valores SAB’s profit forecast for next year is “on the conservative side”, with technical changes and pension fund investments providing boosts to income UBS AG said. Shares fell 0.5 per cent to 1579 poses.
Bolsa Mexicana, Latin America’s second largest exchange, said it expects net income of 600 million pesos C$46.6 million) in 2010. Penotes climbed to 294.41 pesos, Lamsoa increased 2.1 per cent to 12.1 pesos and Grupo Kwo advanced to 10.9 pesos.
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