MW: Mexico stocks gain after U.S. job losses moderate
By Deborah Levine, MarketWatch
NEW YORK (MarketWatch) -- Mexico's benchmark stock index again climbed to the highest since mid-2008, with almost all sectors of the market participating, after surprisingly strong jobs data in the U.S. raised expectations of a recovery in one of Mexico's biggest trading partners.
Brazilian stocks, meanwhile, slid moderately after posting huge gains this year and also touching the highest since mid-2008. Energy and minerals companies' shares were among the biggest decliners, as gains in the U.S. dollar after the jobs data pushed commodities lower.
Mexico's IPC added 0.4% to 32,105, putting its weekly gains at 4.3%. Closing values over 32,000, reached this week, have brought the benchmark back to levels last touched in April 2008.
Brazil's Bovespa slid 1% to 67,604, but eked out a 0.8% weekly gain.
Among Mexico's most actively-traded stocks, U.S. shares of cement maker Cemex (CX 11.55, +0.23, +2.03%) gained 2%. Local shares of discount-retailer Wal-Mart de Mexico added 0.6%.
Local shares of retailer Soriana ended 0.2% lower, while beverage firm Femsa added 1.3%.
The IPC index is up 44% this year.
The U.S. Labor Department said earlier in the day that the nation lost 11,000 jobs in November, far fewer than economists expected and raising hopes that an economic rebound is underway. See more on U.S. jobs data.
The report also fed speculation that the Federal Reserve would be able to raise interest rates as soon as mid-2010, pushing the U.S. dollar up by the most in six months. See story on the dollar.
Crude-oil futures lost 1.3% to 75.47 a barrel, while gold prices tumbled 4% and pushed the precious metal into its first weekly loss in five. See more on oil futures.
Among Brazilian stocks, U.S. shares of heavy-weight miner Vale (VALE 28.22, -0.67, -2.32%) fell 2.3% and oil giant Petrobras (PBR 50.80, -1.32, -2.53%) lost 2.5%.
U.S. shares of steel makers Gerdau (GGB 16.83, -0.11, -0.65%) declined 0.7%, while CSN (SID 35.40, -0.31, -0.87%) lost 0.9%.
Agricultural-commodities concern Cosan's local shares fell ended 0.4% lower.
The Bovespa has gained 80% this year, as resource-rich Brazil has been a prime destination for investors looking to buy stocks with close ties to a global economic rebound and make back some of the losses notched since the credit crisis began.
