Mexican stocks jumped to an all-time high on Friday following a rally in New York and buoyed by a surge in broadcaster TV Azteca.
The stock of TV Azteca - which took a beating amid a US Securities Exchange Commission investigation into a debt deal involving majority-owner Ricardo Salinas - rallied 6.15 percent to end at 5.70 pesos.
"It gained because it was cheap," said Manuel Lasa, director of trading at Interacciones brokerage in Mexico City.
Its American Depositary Receipt (ADR), which last December moved as high as 9.80 pesos before dropping on news of the possible SEC investigation, jumped 6.41 percent to end at $8.30.
"If any legal action is going be taken, it will be against Salinas the person, not his company," said a Mexico City-based trader.
The IPC benchmark index surged 1.41 percent to end at a record high of 9810.77 points, following gains on Wall Street, where the Dow Jones Industrial average closed 0.93 percent higher.
The IPC index is just short of its highest level ever in dollar terms, which it reached in March 2000.
Over the short term, "Mexico could reach its maximum in dollar terms," said Lasa. "Next week, we expect the market to climb a bit more, although we'll have to see if corporate quarterly results justify the prices."
Large companies expected to post their fourth quarter earnings next week include retailer Wal-Mart de Mexico and conglomerate Alfa. Fixed-line telecom Telmex, majority owned by Mexican tycoon Carlos Slim, rallied 1.99 percent to 19.46 pesos after slumping in the prior session. Its ADR gained 0.98 percent to $35.00.
America Movil, Latin America's largest wireless operator, added 0.78 percent to finish at 18.17 pesos, and its ADR surged 1.75 percent to $32.51.
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