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 Business News | November 2006 
Mexican Stocks Set Sixth Straight All-Time High
 MarketWatch
Mexican stocks set an all-time closing high for the sixth consecutive session on Wednesday as shares emerged from negative territory amid a positive performance in U.S. markets.
Markets in Brazil were closed for a national holiday.
Mexico's benchmark IPC index edged 28 points, or 0.1%, to 24,315.60. Local shares have reached unprecedented highs in recent weeks, lifted by another solid earnings season in Mexico and hopes that the U.S. economy will enjoy a soft landing.
Minutes released Wednesday from the U.S. Federal Reserve's October monetary policy meeting supported that view, as policy-makers gave a positive outlook on the economy and noted a slight decline in inflation risks.
The report gave a boost to U.S. shares, with the Dow Jones Industrial Average rising 0.3% and the Nasdaq Composite Index ending 0.5% higher.
Still, Monex brokerage firm warned that "the levels of overbuying" suggest it will be difficult for the IPC to break the 24,500 level, and said it thinks "it would be healthy to take a break."
Amid active gainers, the Class A shares of Aeromexico jumped 7.6% after announcing an order for two Boeing 787 Dreamliners and 10 new generation 737-700 planes, which would complete the total overhaul of its fleet.
Aeromexico Chief Executive Andres Conesa said the purchases are part of a series of actions the carrier has taken to improve its value ahead of a pending privatization. He added that the government still has to determine when market conditions are ripe for the bidding process to begin.
Among decliners, IPC heavyweight America Movil's
Class L shares lost 0.7% and retailer Wal-Mart de Mexico's Class V shares gave up 1.3%. |
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