| | |  Business News | December 2009 
Mexican Stocks at Highest Level in More than 2 Years
 Patrick Rucker - Reuters
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December 25, 2009
Mexico City - Mexican stocks rose to their highest level in more than two years on Thursday despite holiday-thinned volume, as the peso firmed on fresh positive U.S. economic data pointing to a strengthening recovery.
The benchmark IPC stock index gained 0.30 percent to 32,548.53 points, just shy of its strongest level since Oct. 2007, driven by mining stocks.
Copper giant Grupo Mexico ended up 1.3 percent at 30.29 pesos as the red metal rallied to a new 15-month peak in New York futures trade. Miner Penoles jumped 1.45 percent to close at 294.41 pesos as silver also rose.
Fixed-line telephone giant Telmex rose 1 percent to 11.09 pesos while broadcaster Televisa, which is planning to launch a new 24-hour news cable channel next year, closed up 0.84 percent at 53.97 pesos.
Many other stocks were flat or slightly higher after data in the United States showed jobless claims fell to their lowest level since September 2008, raising hopes for a quick economic recovery for Mexico's largest trade partner.
Mexico's stock exchange has been recovering from a year-low set in March as markets reeled from the global financial crisis. Since mid-year, most stock prices have been steadily erasing those steep losses.
The Mexican stock exchange stopped trading at noon on Thursday and will be closed on Friday in observance of Christmas.
Mexico's peso strengthened 0.32 percent to 12.87 per dollar, also in light trading. In the debt market, the benchmark 10-year peso traded at 7.955 percent, up nearly 5 basis points from Wednesday's close.
(Editing by Dan Grebler)
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