Mexico's Bolsa index rose to a record for the first time in three months as investors speculated third- quarter earnings reports next week from companies such as mobile- phone operator America Movil SAB will beat expectations.
The Bolsa index advanced 492.52, or 1.5 percent, to 32,473.47, passing its record closing price set July 6. America Movil accounted for almost a third of the daily gain and led the index's 3 percent weekly advance. Brazilian markets were closed for a holiday.
America Movil said today it would report results on Oct. 18, earlier than originally scheduled, sparking a rally on optimism that its profit will exceed forecasts, said Juan Jose Resendiz, an analyst for Casa de Bolsa Arka in Mexico City. Mexican stocks gained this week on speculation that consumer spending is rising after Wal-Mart de Mexico SAB, the country's largest retailer, reported better-than-expected results.
``The Mexican economy is fundamentally strong, and expectations for third-quarter results are good,'' Resendiz said in a telephone interview.
In reports today, UBS analysts raised the target price at which they expect America Movil shares to trade and added the stock to their list of top 40 global recommendations.
America Movil will report third-quarter net income rose about 52 percent from a year earlier to $1.53 billion, on sales of $7.2 billion, according to analysts in a Bloomberg survey. The company had been expected to report earnings the week of Oct. 22, Resendiz said. The company also announced a special dividend of 1 peso a share this week.
America Movil advanced 1.9 percent today to a record 36.43. Wal-Mart de Mexico shares have surged 5.4 percent this week, including a 1.1 percent gain today to 45.74 pesos.
Grupo Mexico SAB, Mexico's largest copper miner, rose 5 percent to 88.90 pesos after Chief Financial Officer Daniel Muniz said copper prices may gain more than analysts believe.
In other Latin American markets, the main indexes in Argentina, Chile, Peru, and Venezuela rose, while Colombia's IGBC index fell. The Morgan Stanley Capital International index of Latin American shares rose 1.9 percent for the week to 4,407.15 Oct. 12 (Bloomberg) --
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