Mexico's IPC stock index rose 0.56 percent to close at 20,252.33 points on Friday, with investor sentiment lifted by a flurry of robust corporate earnings reports. "America Movil posted extraordinary results and this is still driving the market. I think it could go up to 20,500 or 20,700 points," said an analyst in Mexico City.
Cellular phone operator America Movil far exceeded market expectations with its second-quarter earnings on Wednesday. Its shares soared on Thursday and were up another 0.87 percent to 19.60 pesos on Friday. Its New York-traded shares added 2 percent to $36.20. Cemex, the world's No 3 cement maker, gained 1.7 percent to 31.63 and its American Depository Receipts firmed 2.6 percent to $29.18.
Miner Group Mexico rose 2.66 percent to 35.46 pesos after reporting a net profit surge of 48 percent on Thursday as skyrocketing metals prices more than made up for lower output at strike-plagued mines.
Mexico's peso currency strengthened 0.44 percent on Friday as weak US economic growth data suggested the Federal Reserve might not raise interest rates next month. The peso gained to 10.8590 to the dollar after US gross domestic product data showing the economy slowed more than expected in the second quarter set markets betting the Fed could pause its tightening cycle in August.