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LATIN AMERICAN MARKETS: Mexico Stocks Gain As U.S. Data Show Improvement

By Carla Mozee Mexican stocks rose Tuesday, in step with gains on Wall Street as investors' fears about mounting debt in Greece cooled and as better-than-expected economic reports were issued in the U.S. Mexico's IPC index rose 2% to 31,644, its best finish since Jan. 20, with assistance from the mining, finance, retail and manufacturing sectors. Shares of engineering and construction firm Empresas ICA (ICA) as its shares climbed 3.9%. Also, shares of cement maker Cemex (CX) rose 2.2% and retailing giant Walmex (WMMVY) rose 2.4%. On Wall Street, which is closely tracked by investors in Mexican securities, the S&P 500 Index (SPX) rose 1.8% and the Dow Jones Industrial Average (DJI) climbed 170 points, or 1.7%. Traders snapped up equities after European Union officials granted Greece one month to show that its deficit-reduction plans are effective before they begin to ramp up pressure on the country to make further budget cuts. The European currency also gained against the U.S. dollar, making dollar-denominated commodity prices more attractive to holders of other currencies. The dollar index (DXY) fell 0.8%. The E.U. decision to give more time to Greece follows last week's pledge of support for the country by E.U. leaders, though details about the type of support they are willing to extend remain unclear. Finance ministers from all 27 E.U. nations were slated to meet for their monthly gathering on Tuesday. The "events in Europe increased our confidence that a liquidity crisis [in Europe] will be mitigated and, while there is a longer-term question of solvency, the same could be said about bank credit a year ago," wrote Barry Knapp at Barclays Capital Research in a note to clients. Greece's fiscal troubles, as well as concerns about sovereign debt in Spain and Portugal, have battered equities in emerging markets, including Mexico, in recent weeks as investors moved away from assets they perceive as risky. Mexican stocks also found support from a New York Federal Reserve report that manufacturing activity in the region expanded in February. The Empire State Manufacturing index rose to 24.9 from 15.9 in January. Separately, there was a slightly more optimistic reading from the U.S. housing market with the National Association of Home Builders' report that its builder-confidence index rose in February from January. Better economic conditions in the U.S. benefit Mexico because Mexico sends about 80% of its products to the U.S. Among exchange-traded funds, the iShares MSCI Mexico index fund (EWW) rose 2.5%. Chile's IPSA rose 1.4% to 3,820.55 and Argentina's Merval gained 0.9% to 2,308.10. Trading was closed in Brazil for the Carnival holiday.

Stock News for Empresas Ica Soc Con (ICA)
DateTimeHeadline
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
06/20/201310:24:37Mexico's ICA to Sell Stake in Toll Road Venture
08/01/201210:38:42APM Terminals, Empresas ICA Sign Deal for Mexican Terminal
02/23/201217:01:34ADR Report: Strong Earnings Results Help Lift Shares
02/15/201216:50:11Mexico's Pemex Awards ICA Fluor Daniel $135 Million Refinery...
09/15/201117:06:13Mexico Stocks Close Higher On Boost From ECB Liquidity Accord
06/25/201019:34:09LATIN AMERICAN MARKETS: Brazil, Mexico Stocks Rise As Resources...
06/25/201016:00:12LATIN AMERICAN MARKETS: Brazil, Mexico Stocks Up As Resources...
05/12/201018:31:08LATIN AMERICAN MARKETS: Mexico, Brazil Stocks Up As Economic...
03/24/201022:15:15LATIN AMERICAN MARKETS: Mexico's Cemex Warns; Brazil Ends Lower
03/24/201016:03:30LATIN AMERICAN MARKETS: Mexico, Brazil Stocks Fall As Wall Street...
03/24/201010:22:01Mexico's ICA Fluor Wins $622 Million Pemex Refinary Contracts
02/16/201018:39:10LATIN AMERICAN MARKETS: Mexico Stocks Gain As U.S. Data Show...
11/26/200915:16:49Prudential To Raise MXN6.5 Billion For Mexico Real Estate Fund

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