Mexican stocks rose on Friday, led by a jump in billionaire Carlos Slim's telecommunications America Movil after its quarterly results beat estimates, while better-than-expected earnings lifted Brazil's steelmakers. Brazil's main stock index closed at its highest in over five weeks, continuing to climb back from a nearly 4-year low hit early this month amid concerns about sluggish growth in Latin America's top economy.
Brazil's benchmark Bovespa stock index rose 0.72 percent to 49,422.05 percent. The Bovespa gained nearly 4.3 percent this week, its best week in 10 months, and putting it on track to post its first positive month this year. The index is down nearly 19 percent in 2013. Steelmaker Usinas Siderurgicas de Minas Gerais SA, known as Usiminas, surged 15.24 percent after the company posted a smaller-than-expected second-quarter loss. Rival steelmaker Companhia Siderugica Nacional added 8.59 percent.
Planemaker Embraer SA sank by the most in a year, shedding 5.71 percent after Chief Executive Frederico Curado warned that economic concerns seemed to be weakening demand for bigger business jets. Mexico's IPC index rose 0.77 percent to 41,064.58 points. The IPC slumped off a record high in January and fell to a one-year low last month, but it has mounted a more than 9 percent rally, with a nearly 3 percent gain this week.
America Movil, which accounts for nearly one-fifth of the IPC, added 4.39 percent after it reported on Thursday better-than-expected second-quarter core profit and revenue. Chile's IPSA index dropped 1.05 percent, falling for the second day in a row as shares of retailer Cencosud lost 2.8 percent.
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