Mexico's Stock Market Closes Higher, Tracking U.S. Markets

Mexico's stock market ended the trading day with a 0.8% gain, as the country's main index, the IPC, finished at 31,916.60. The market was influenced by gains in major companies such as Cemex and Grupo Mexico, with Cemex's CPO shares closing 2.4% higher at MXN14.39. The peso recovered from earlier losses to close at MXN12.9325 against the U.S. dollar.

Key Takeaways:

• Mexico's stock market closed 0.8% higher, with the IPC index finishing at 31,916.60.
• Cemex's CPO shares rose 2.4% to MXN14.39 after the company announced plans to issue MXN4.1 billion in convertible bonds.
• Grupo Mexico's B shares increased 0.8% to close at MXN30.26 after its U.S. subsidiary, Asarco, exited Chapter 11 bankruptcy protection.
• The peso recovered most of its losses to close at MXN12.9325 against the U.S. dollar, despite concerns over the recent cabinet shakeup by President Felipe Calderon.
• The yield on 10-year Mexican government bonds due 2018 closed 4 basis points higher at 7.97%, while the yield on 20-year bonds maturing in 2024 climbed one basis point to 8.13%.
• Investors face a busy economic calendar next week, including Mexican industrial production data for October and U.S. industrial output reports.

Statistics:

• Mexico's stock market closed 0.8% higher, with the IPC index finishing at 31,916.60.
• Cemex's CPO shares rose 2.4% to MXN14.39.
• Grupo Mexico's B shares increased 0.8% to close at MXN30.26.
• The peso was quoted in Mexico City closing at MXN12.9325 to the dollar, compared to MXN12.9120 at Wednesday's close.
• The yield on 10-year Mexican government bonds due 2018 closed 4 basis points higher at 7.97%.
• The yield on 20-year bonds maturing in 2024 climbed one basis point to 8.13%.

Sources:

• Euclid Infotech Pvt. Ltd.
• Syndigate.info