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 Business News | March 2007 
Bolsa Soars to Record High
 El Universal
Stocks rose to a record Friday, as the Bolsa index had a second- straight weekly gain on prospects of legislation to spur consumer spending.
The Bolsa rose 43.45, or 0.2 percent, to 28,747.69, beating a Feb. 21 record. On the year, the index has climbed 8.7 percent, with 7.9 percent of that gain coming this month. América Móvil SAB, Latin America´s biggest mobile- phone company, led the monthly gain.
Consumption, which accounts for 65 percent of the economy, has been bolstered by bank lending and signs that Congress will pass tax and energy bills that have been stalled for six years, said Francisco Rivero, chief of equity research at Santander Investments in Mexico City.
"The fact that credit has increased considerably for the last four years has pushed consumption to very strong levels that we haven´t seen in the last 30 years," Rivero said.
For the week, the index rose 1.6 percent, including a 2.2. percent surge Thursday after Fitch Ratings said it may raise Mexico´s credit rating. Fitch cited congressional passage of a bill to reduce government worker pension costs, raise the retirement age and establish individual worker retirement accounts.
América Móvil on Friday gained 5 centavos, or 0.2 percent, to 26.43 pesos, for an 8.2 percent monthly gain. América Móvil´s purchase of Telecommunications of Puerto Rico from Verizon Communications Inc. was approved by the Federal Communications Commission March 27.
Grupo Televisa SA rose 77 centavos, or 1.2 percent, to 65.78 pesos. The world´s largest Spanish- language media company said Thursday it received US$1.09 billion from the sale of its 11 percent stake in U.S. television network Univision Communications Inc.
Vitro SAB fell 80 centavos, or 3.3 percent, to 23.70 pesos. Mexico´s largest glassmaker said Thursday that Chief Financial Officer Álvaro Rodríguez resigned. The company said Enrique Osorio would replace Rodríguez. |
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