Mexico stocks up 6 pct, lead Latin America gains

Mexican stocks jump 6 percent, leading gains across Latin America as world markets rally


MEXICO CITY (AP) -- Mexican stocks rose sharply on Thursday, leading gains across Latin America as part of a global rally on U.S. retail sales figures that were better than expected.

The IPC index jumped 6 percent to close at 18,865, while Argentina's Merval was up 2.1 percent to 1,025 and Colombia's IGBC rose 0.8 percent to 7,799.
In Brazil, the region's largest economy, shares fell early after the central bank cut the nation's benchmark interest rate 1.5 points to 11.25 percent the previous night. Some leading business groups complained that the bank should have slashed the Selic rate even more.
But the Ibovespa index recovered to close 0.9 percent higher at 39,152.
Markets gained around the world after U.S. retail sales figures for February generated hopes that consumer spending in the world's largest economy may be stabilizing, despite big rises in unemployment.

Chile's IPSA index also rose, by 0.3 percent to close at 2,436.

After trading ended for the day, the country's central bank announced it is cutting the benchmark lending rate by 2.5 points to 2.25 percent -- within market expectations.
The bank cited fast-declining inflation and said it hopes to boost the economy, which shrank 1.4 percent in January compared with the same month in 2008.
The bank said in a statement that more rate cuts may be necessary, though they would be smaller and less frequent.


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