Mexico sees peso and stock market up on strong blue-chip reports

Both the peso and the stock market in Mexico were up on the day Monday, mainly due to expectations of good quarterly reports from blue-chip companies. The peso was up 0.62 percent to 10.5890 per dollar after losses on Friday due to a sell-off as problems in Brazil put pressure on some Latin American currencies.

Otherwise, the peso has been strong recently thanks to climbing oil prices and high interest rates. Meanwhile, the IPC index was up 1.16 percent to 14,842.70 amid differences opinion among analysts as to whether the index has gone up about as far as it can or whether there is room for more gains.

Retailer Wal-Mart de Mexico gained 1.46 percent on the day to close at 50.02 pesos. Telmex, Mexico’s top fixed-line telephone operator, was up 0.98 percent to 10.34 pesos on the announcement that it is in discussions toward purchasing Colombia Telecommunicaciones, while it’s shares traded in New York were up 1.09 percent to $19.41.

Still in the telecommunications sector, cell-phone provider America Movil gained 1.10 percent to 11.95 pesos. It’s New York traded shares gained 1.40 percent to $22.50.

Story link: Mexico sees peso and stock market up on strong blue-chip reports