Mexican stocks rose to a record high close on Friday as investors bet companies will report healthy profits for the first quarter. The benchmark IPC stock index climbed 0.52 percent to close at 29,762.22 points. Mexico's largest companies are expected to begin reporting quarterly earnings next week.
Dominant cell phone operator America Movil rose 1.12 percent to 27.97 pesos, while its New York-traded shares closed 1.05 percent higher at $50.90. Stocks also were boosted by a report that showed US core producer prices were flat in March, reducing investors' jitters that the US central bank would have to hike rates or wait longer than expected to lower them.
Higher rates for safe-haven US treasuries make Mexican assets less attractive to yield-hungry investors, while lower US rates can boost Mexican equities. Leading retailer Wal-Mart de Mexico (Walmex) ended 1.12 percent higher at 47.65 pesos.
Bimbo gained 1.27 percent to 57.30 pesos a share. Group Mexico, Mexico's leading copper producer, advanced 1.38 percent to 56.74 pesos as copper prices firmed in New York.
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