Brazil stocks end at 2-1/2 weeks high, Mexico dips

Brazilian stocks jumped on Friday to close at a 2-1/2-week high, boosted by optimism about a Greek debt deal and economic data from Germany, while Mexican stocks slipped following a four-day rally. Brazil's benchmark Bovespa stock index rose 2 percent as it capped it best week since mid-September with a 3.9 percent gain. However, volume was thin due to a local holiday earlier in the week as well as the US Thanksgiving holiday.
China factory sentiment in November earlier pointed to growth for the first time in 13 months, which raised hopes that an economic slowdown has hit bottom in Brazil's biggest trading partner. China is a major consumer of Latin American raw materials, such as iron, copper and oil. "It seems that China is turning a corner into positive territory," said Manuel Lasa, head of stock trading at brokerage Interacciones in Mexico City. "If that is the case, then Brazil could benefit."
In Brazil, shares of state-controlled oil company Petrobras added 2.79 percent while iron ore miner Vale gained 1.38 percent. Shares of electric utility Eletrobras soared 5.48 percent, rebounding after slumping about 50 percent this month to their lowest level in 18 years.
Eletrobras shares sank on concerns that the government will force it to cut power rates as the government seeks to boost growth by lowering energy costs. Brazil's government has ruled out injecting fresh capital into the company, a local newspaper reported on Friday. Mexico's benchmark IPC stock index dipped 0.27 percent after clocking its best four-day run since June, with a 3.6 percent gain in the last four sessions.
Shares of billionaire Carlos Slim's America Movil slipped 0.44 percent. The stock accounts for more than 20 percent of the IPC. Chile's IPSA index edged higher 0.09 percent back from its lowest since early September. Shares of regional energy group Enersis rose 2.16 percent after the company said late Thursday that it will hold a meeting with shareholders of its Chilean private pension fund to discuss a controversial capital increase.