Mexico Stocks Close Higher On Boost From ECB Liquidity Accord

Date : 09/15/2011 @ 5:06PM
Source : Dow Jones News
Stock : Grupo Televisa S.A. (TV)
Quote : 24.31  0.02 (0.08%) @ 9:55AM

Mexico Stocks Close Higher On Boost From ECB Liquidity Accord

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Mexican stocks closed higher Thursday as the European Central Bank and top global counterparts agreed on a plan to increase dollar liquidity for euro-zone banks, giving investors some good news after euro-zone debt fears had kept markets jittery.

The IPC index of the 35 leading shares gained 1.5% to 35181 points on volume of 285.1 million shares valued at 6.73 billion pesos ($520 million). The index gained 4% during the holiday-shortened trading week, with markets closed Friday for Mexico's Independence Day.

Among blue chips, retail and infrastructure stocks delivered strong showings.

Mexico's top retailer Wal-Mart de Mexico (WMMVY, WALMEX.MX) V shares rose 2.2% to MXN32.08, while rival retailer Soriana (SORIANA.MX) B shares added 5.1% to MXN29.03.

Construction firm Empresas ICA (ICA.MX) shares gained 2.6% to MXN18.23, and highways operator OHL Mexico (OHLMEX.MX) shares were higher by 3.4% to MXN23.78.

Mexico's top broadcaster Televisa (TV, TLEVISA.MX) CPO shares rose 2.3% to MXN51.19, and soda bottler Coca-Cola Femsa (KOF, KOF.MX) L shares gained 2.6% to MXN122.07.

From the market open, stocks got a lift on news that Europe's central bank, the U.S. Federal Reserve and top global counterparts agreed to increase dollar liquidity to stave off a possible liquidity crisis, even though underlying debt problems remain for several euro-zone nations.

In U.S. data, industrial production rose 0.2% in August, beating expectations of a flat reading. August factory production rose 0.5%, led by stronger production of autos and parts. U.S. and Mexican manufacturing performance are closely linked due to deep trade ties.

Separately, Bank of Mexico Gov. Agustin Carstens said the central bank is comfortable with its current 2011 forecasts, and that the current balance of risks in Mexico calls for "neutral" monetary policy, suggesting now is not the time for a cut in interest rates. Carstens, speaking in New York, also said 2012 economic growth in Mexico could be a little higher than the government's estimate of a 3.5% expansion next year.

-By Laurence Iliff, Dow Jones Newswires; (52-55) 5980-5184, laurence.iliff@dowjones.com




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