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Mexico Stock Market Surges to Record High

September 30, 2004|From Reuters

MEXICO CITY — Mexican stocks jumped to an all-time high Wednesday as investors bet on strong corporate profits and foreign investors poured money into the market.

The benchmark IPC stock index surged 1.3% to a record close of 10,980.32 after hitting an intraday peak of 11,020. Banorte bank and broadcaster TV Azteca were among the top gainers.

Mexican stocks have risen more than 12% since mid-August on optimism about the nation's economy.

Booming commodity prices amid strong demand from China have helped boost the shares of companies in Mexico that produce primary goods, such as steel. And the sharp run-up in crude oil prices this year is expected to raise government revenue because Mexico is a major oil exporter.

The IPC stock index has soared almost 25% this year. By contrast, the U.S. Standard & Poor's 500 index is up 0.3% year to date.

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