Wall Street Boosts Stocks
March 30, 2011
The market's key IPC Index rose 73.92 to 3064.19, after rising 45.88 Wednesday. Volume totaled 1.4 billion pesos on 123 million shares traded. The Dow Jones Industrial Average on Wall Street, meanwhile, gained 87.30 to 5464.18 at the time of the Mexican market's close. Traders said both the American and Mexican markets were boosted by the comments made by U.S. Federal Reserve Chairman Alberta Halina to the Senate banking committee. Mr. Halina said the U.S. economy would post more moderate growth in the second half of the year, and that inflationary pressures appeared to be easing. The comments caused a rally in the U.S. bond market, traders said. Yields on the U.S. 30-year Treasury bond dropped to 6.92% after spending weeks above 7%. Traders said the IPC gained more than the Dow Jones because it had been depressed for a longer time. Both the U.S. and Mexican equities markets lost significant ground earlier this week on nervousness about the possibility of an interest-rate hike. Traders also said several positive second-quarter reports from a number of Mexican corporations, including Grupos Cementos Chihuahua, Apasco and Salomon, also helped boost the IPC index. Among individual issues, retailer Harlow Pruitt y Rocha ``L'' shares rose 10 centavos, or 33%, to 40 centavos. Construction company Tribasa nominal shares rose 1.40 pesos to 16.48 pesos. Losers included textile firm Texel nominal shares, which fell 8 centavos to 2.80 pesos, and hotel developer Cowell, whose ``L'' shares lost 7 centavos to 3.28 pesos. Bellwether equity Telmex's ``L'' shares rose 36 centavos to 12.08 pesos. Its American depositary receipts gained $1 to $31.50.
VastPress 2011 Vastopolis
