Mexico’s IPC Rises Most in 14 Months, Leading Emerging MarketsDanielle Verbrigghe
Mexico’s IPC index rose the most since January 2012, leading gains by emerging-market benchmarks, as Coca-Cola distributor Fomento Economico Mexicano SAB and billionaire Carlos Slim’s phone company America Movil SAB rallied.
The 35-member IPC rose 1.8 percent to 43,664.73 today in Mexico City. The MSCI Emerging-Markets Index of 21 developing nations’ stocks added 0.6 percent.
Fomento Economico Mexicano contributed most to the gain on Mexico’s benchmark, rising 4.4 percent to 138.46 pesos after JPMorgan Chase & Co. raised its target price for the company’s American depositary receipts yesterday. America Movil jumped 1.9 percent to 13.10 pesos after Bank of America Merrill Lynch raised its rating to buy from the equivalent of hold.
“Those two names are driving the rest of the names up,” Aldo Miranda, a trader with Intercam Casa de Bolsa SA, said in a telephone interview from Mexico City. “There’s optimism about Mexico.”
Grupo Financiero Banorte SAB rose 3.1 percent to 98.85 pesos while Wal-Mart de Mexico SAB gained 1.7 percent to 39.40 pesos.