Upbeat US News Enlivens Mexico Markets
 El Financiero
| UPDATE: Mexico's IPC stock index rose to a record high on Wednesday with strong gains in blue-chips like Telmex, America Movil and Grupo Mexico.
The IPC index (.MXX) hit a record of 21,946 points in early trade before falling back slightly to 21,931 points, up 0.64 percent on the session.
It was the third straight gaining session for Mexican stocks, helped partly by expectations that a U.S. economic slowdown might not be as serious as some investors feared. |
Good economic news released in the United States Tuesday picked up spirits on the stock exchanges, which extended an upward swing begun Monday.
The consumer confidence indicator in the United States posted higher than analysts' expectations, which motivated traders Tuesday.
In Mexico, the Mexican Stock Exchange (BMV) Tuesday finished with a 0.54 percent gain in prices to stop at 21,792.30 points.
At its best moment, the BMV advanced 0.79 percent at 13:00 hours local time.
BMV trading volume was 135.5 million shares swapped in the course of 10,302 transactions.
There were 81 active issuers, of which 39 gained, 24 lost and 18 were unchanged.
In New York, the Dow Jones industrial average advanced 0.81 percent to close at 11,669.39 points, a level superior to its previous high registered last May 10 at 11,643 points, with an all-time maximum reading in sight of 11,723 points posted January 14, 2000.
Meanwhile, the Nasdaq composite index gained 0.55 percent to halt at 2,261.34 points, its best level since May 11, or a little more than four months ago.
The consumer confidence index for September in the United States posted at 104.5 points, above economistsn estimates of 103 points.
Furthermore, the consumer sentiment indicator for August was revised from 99.6 to 100.2 points.
However, investors are still holding back a bit as they wait for more economic news out of the United States, such as new home sales and durable goods orders for August, to be released Wednesday.
BMV main advancers Tuesday were Gmexico, Pinfra and Arca, respectively posting gains of 2.70, 2.04 and 1.67 percent in prices.
(Information provided by Finsat/Felipe Sanchez G.) |
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Business News | September 2006 
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