Mexican Stocks End Higher, Peso Strengthens After U.S. Jobs Report

By Juan Montes

MEXICO CITY--Mexican stock prices closed higher Thursday, while the peso strengthened against the U.S. dollar, after a mixed U.S. jobs report.

The IPC index of leading issues closed up 0.6% at 44928 points on volume of 216 million shares worth 6.9 billion pesos ($439 million).

Mexico's telecom giant America Movil gained 0.8% to 16.53 pesos, while bread maker Grupo Bimbo closed up 0.7% to 41.14 pesos.

Among a handful of losers, Mexican miner Peñoles lost 1% to 250.17 pesos.

U.S. employers added 223,000 jobs in June, just below expectations, while the unemployment rate fell to 5.3% and wages were flat. Mexico is closely dependant on the U.S., where it sends nearly 80% of its exports.

The peso gained ground against the dollar, as some investors were reaffirmed in the belief that the U.S. Federal Reserve will be patient in raising interest rates. A Fed rate increase would make emerging-market currencies less attractive for investors.

The Mexican currency closed in Mexico City at 15.6650 pesos, according to Infosel, compared with 15.7925 pesos at the close Wednesday.

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