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Mexico stocks hit record high after Bush victory
MEXICO CITY (Reuters) - Mexican stocks rallied 1.34 percent to a record high close Wednesday, with big gains in cell phone operator America Movil, after U.S. President George W. Bush won re-election.
Many equities investors in Mexico and abroad welcomed Bush's victory, as he is generally seen as more friendly to business than his Democratic challenger, Sen. John Kerry.
The benchmark IPC stock index jumped about 155.36 points to end at 11,765.77 points, its highest close ever. The IPC's previous record close was on Monday.
Mexican shares rose because Wall Street and other foreign investors "see Bush's triumph as favorable," said Arturo Espinosa, an analyst at Santander-Serfin in Mexico City.
Mexican stocks have rallied about 20 percent since mid-August, in part boosted by rosy third-quarter corporate earnings.
America Movil (AMXL.MX), the most heavily weighted stock in the IPC index, gained 2.35 percent to end at 25.71 pesos, and its American Depositary Receipt (AMX) moved 2.55 percent higher to $44.98.
Steel company Hylsamex (HYLSAMXB.MX) rose 1.77 percent to 25.81 pesos, also one of the market's top gainers.
Cemex (CEMEXCPO.MX), the world's third-largest cement maker, gained 1.40 percent to 67.50 pesos. Its ADR (CX) climbed 1.44 percent to $29.54.
Mexico's peso (MEX01) (MXN-) gained a slight 0.08 percent to 11.4350 per dollar, adding to a gain of 0.74 percent the day before, as the dollar lost ground against major currencies like the euro.
© Copyright Reuters Ltd. All rights reserved. The information contained In this news report may not be published, broadcast or otherwise distributed without the prior written authority of Reuters Ltd.
11/03/2004 16:40
RTR
Many equities investors in Mexico and abroad welcomed Bush's victory, as he is generally seen as more friendly to business than his Democratic challenger, Sen. John Kerry.
The benchmark IPC stock index jumped about 155.36 points to end at 11,765.77 points, its highest close ever. The IPC's previous record close was on Monday.
Mexican shares rose because Wall Street and other foreign investors "see Bush's triumph as favorable," said Arturo Espinosa, an analyst at Santander-Serfin in Mexico City.
Mexican stocks have rallied about 20 percent since mid-August, in part boosted by rosy third-quarter corporate earnings.
America Movil (AMXL.MX), the most heavily weighted stock in the IPC index, gained 2.35 percent to end at 25.71 pesos, and its American Depositary Receipt (AMX) moved 2.55 percent higher to $44.98.
Steel company Hylsamex (HYLSAMXB.MX) rose 1.77 percent to 25.81 pesos, also one of the market's top gainers.
Cemex (CEMEXCPO.MX), the world's third-largest cement maker, gained 1.40 percent to 67.50 pesos. Its ADR (CX) climbed 1.44 percent to $29.54.
Mexico's peso (MEX01) (MXN-) gained a slight 0.08 percent to 11.4350 per dollar, adding to a gain of 0.74 percent the day before, as the dollar lost ground against major currencies like the euro.
© Copyright Reuters Ltd. All rights reserved. The information contained In this news report may not be published, broadcast or otherwise distributed without the prior written authority of Reuters Ltd.
11/03/2004 16:40
RTR
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