14 March, 2006

Mexico: Mexican stocks firmed on Monday, driven by brewer Modelo

Mexican stocks firmed on Monday, March 13, driven by brewer Modelo and cellular phone giant America Movil, as investors snapped up local stocks after several sessions of steep losses, Reuters communicated.

Modelo, the country's top brewer, rose 0.59 percent to 37.20 pesos, building on recent strong gains. Morgan Stanley on Monday raised its rating on Modelo to "overweight" from "equal weight" based on the stock's favorable risk-reward ratio.

Last week, the brewer's stock price rose healthily after an arbitrator ruled in its favor in a contract dispute, saying the Mexican company could terminate a deal with its U.S. importer, Gambrinus Co.

The IPC <.MXX> index rose more than 1.3 percent and then edged back slightly, up 0.99 percent from Friday at 18,603 points. The peso retreated slightly to 10.7150 per dollar.

The index lost over 4 percent between Monday and Thursday last week amid expectations of tighter monetary conditions around the world that sparked heavy selling in Mexican and other emerging market debt, stocks and currencies.

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