Brazil stocks rise, Mexico holds steady
Brazilian stocks rose on Friday in line with global markets after better-than-expected US labour data boosted investor expectations of a stronger recovery in the world's largest economy. Mexico's IPC index was flat, while Chile's bourse dropped 0.61 percent.
Copyright Reuters, 2013
Data on Friday showed US employers hired more workers than expected in November, with the jobless rate falling to a five-year low of 7.0 percent. Brazil's benchmark Bovespa stock index rose for the second day in a row, adding 0.31 percent to 50,944.27. Shares of BM&FBovespa SA, Brazil's only listed financial exchange, rose 5.53 percent, contributing most to the index's gains. The stock had fallen 4.6 percent in the previous session after the company said it lost an appeal against a fine imposed by Brazilian authorities over tax credits resulting from the merger that created the exchange.
Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, fell 2.27 percent. The shutdown of Petrobras' REPAR refinery in Brazil's south after a November 28 explosion and fire will cut Brazilian fuel output by more than 10 percent for about a month, a union representing workers at the plant told Reuters on Thursday. Petrobras plans to restart the refinery on December 18, with full operation coming about five days later, a fuel-industry source said on Friday. Mexico's IPC index was little changed, closing the week down 1.35 percent - its biggest weekly drop in four weeks. Shares of telecommunications firm America Movil fell 1.03 percent, while broadcaster Televisa dropped 0.23 percent. The two companies, which are seen likely to be most affected by Mexico's telecoms reform, said on Thursday the telecoms regulator has told them it is determining whether they are dominant players in the sector.
Chile's IPSA index ended the week down 2.17 percent - its biggest weekly drop since July - at 3,706.94 points. It's 0.61 percent drop on Friday was due to a 1.15 percent fall in shares of retailer Falabella.