Mexican stocks jump, Walmex rallies

The Mexican stocks rose on Friday, led by retail powerhouse Walmex.
In stock trading, the benchmark IPC index rose 0.67 percent to 10,042.34 points.
Retailer Wal-Mart de Mexico's (Walmex) shares, the second-largest component of the IPC index, rallied 2.70 percent to 33.49 pesos after the company reported late on Thursday a 49 percent jump in net profit for the second quarter, far surpassing expectations.
Walmex, majority owned by the world's largest retailer, Wal-Mart Stores Inc, gained market share during the quarter while reining in costs. "After a few losing sessions the market returned, influenced by US markets as well as the Walmex report," said Jesus Viveros, an analyst at Bursametrica consulting company. "The market also liked Banco de Mexico's decision to leave monetary policy unchanged."
Copper mining company Group Mexico added 1.92 percent to finish at 36.70 pesos after it said it prepaid $50 million in debt, its second prepayment this year.
Leading Mexican cellphone operator America Movil ignored investor optimism, dipping 0.81 percent to 20.70 pesos and its American Depositary Receipt lost 0.39 percent to $35.95.
Mexico's peso strengthened after the central bank left monetary policy unchanged. The Mexican peso gained 0.44 percent to 11.4870 per dollar.
At its twice-monthly review on Friday, the central bank left monetary policy unchanged, as expected.
"Ninety-nine percent of analysts had predicted 'No change' and for that reason the currency is stable," said Miguel Gaytan, director of analysis at Bursametrica consulting company.
Mexico posted June inflation of 0.16 percent, pushing the annual inflation rate up slightly to 4.37 percent, but since short-term interest rates have risen in recent weeks, economists had expected the central bank to stand pat.