Mexican stocks closed sharply higher for the second straight day on Friday after a US jobs report eased concerns about slower economic growth in the United States. The benchmark IPC stock index climbed 1.24 percent to 27,106.53 points.
A US government report showed job growth in February nearly in line with expectations and lower unemployment. Mexico sends more than 80 percent of its exports to the United States. Equities in Mexico and around the world were slammed last week by a plunge in the Chinese stock market, but have been in recovery mode in recent sessions.
"The US employment data injected some optimism into bourses, which already were benefiting from gains in China and other markets," said a stock trader in Mexico. After dropping about 7 percent last week, the IPC index jumped more than 2 percent on Thursday, in tandem with a rebound in global equities. The bourse is now up 2.5 percent for the year.
In stock trading, shares in dominant cellphone operator America Movil rose 1.8 percent to 24.92 pesos. Its New York-traded shares were up 2.03 percent to $44.81, getting a boost from an upgrade in its rating by Santander. Leading retailer Wal-Mart de Mexico (Walmex) advanced 1.53 percent to 45.23 pesos.
Fixed-line telephone giant Telmex jumped 2.28 percent to 17.02 pesos, while its New York traded shares surged 2.22 percent to $30.43. Mexico's stock exchange will open an hour earlier than usual from March 12-30 as daylight savings time takes effect in the United States several weeks earlier than it does in Mexico. The exchange will open at 7:30 am local time (1330 GMT) during the period, and will close at 2:15 pm (2015 GMT).
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