The Mexican stock market moved higher on Friday, driven by hefty gains in retailer Wal-Mart de Mexico. The IPC stock index finished up 1.13 percent at 20,273.86 after three straight declining sessions. Leading Mexican retailer Wal-Mart de Mexico, or Walmex gained 2.75 percent to end at 35.82 pesos.
The company posted a 4.5 percent rise in July same-store sales this week and also pleased investors recently with a plan to open a retail bank. Investors were unshaken by demonstrations in support of leftist presidential hopeful Andres Manuel Lopez Obrador, who lost the July 2 election by a hair but claims fraud and is challenging the result.
About 2,000 leftist demonstrators blocked access to Mexico's main tax office in central Mexico City on Friday in the latest of protests that have shut down the main downtown avenue.
Mexico said on Thursday it plans to pay $9 billion of dollar debt to international lenders, more than a previously announced $7 billion. The dollar debt prepayment is being funded with a local-currency bond sale.
"The ratings agencies are going to see the need to raise the country's financial investment and credit rating," predicted Miguel Gaytan, an analyst at the Bursametrica consulting firm in Mexico City.
Credit ratings agencies already rate Mexico's sovereign debt as investment grade, which gives the country access to cheaper debt financing. Among Latin America's largest economies, only Mexico and Chile are considered investment grade.