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Latin American stocks rose on Friday as stronger-than-expected US employment data improved the outlook for global economic growth and boosted commodities shares. Brazil's benchmark Bovespa index enjoyed the most modest gains, rising 0.30 percent to 55,488.08 points, while Mexico's IPC index posted its biggest one-day rise since early April. Chile's IPSA added 0.75 percent.
Shares gained after data on Friday showed US employment rose more than forecast in April, with the jobless rate in the world's largest economy falling to a four-year low of 7.5 percent. "All the data have been miserable since March and they will probably be lousy in May and June as well," said Jorge Gordillo, an analyst at CI Banco in Mexico City. "But the most important, at least for the market, are the employment figures and they had a calming effect."
Brazil's Bovespa ended the week 2.28 percent in the red, while the IPC added 1.68 percent. Commodities stocks contributed most to the Bovespa's gains on Friday, with shares of iron-ore mining giant Vale SA up 1.42 percent. Local stocks with high liquidity, such as Vale, tend to attract foreign investors looking for exposure to Latin American equities, with their performance often tracking the outlook for global economic growth.
The shares of Cielo SA, Brazil's largest card payment processor, edged 0.2 percent lower. While the company's first quarter profits beat estimates on Thursday, at least five investment banks and brokerages trimmed their price targets on the shares, citing poor operating trends. Mexico's IPC index rose its most since early April, adding 1.22 percent to 42,602.07 and breaking technical resistance at its 200-day simple moving average.
The shares of mining firm Grupo Mexico rose 2.25 percent, while telecommunications firm America Movil, controlled by billionaire Carlos Slim, added 2.32 percent. Chile's IPSA index advanced for the third straight day, adding 0.75 percent to 4,341.61 as shares of retailer Falabella rose 1.65 percent. It ended the week 1.41 percent up.

Copyright Reuters, 2013

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