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Latin American markets rise
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October 31, 2001: 6:32 p.m. ET
Brazil and Mexico investors await news on Argentine debt swap.
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NEW YORK (CNNmoney) - Latin American markets closed slightly firmer Wednesday as investors held out hope about a widely expected multibillion-dollar debt swap in Argentina.
Argentina's main index closed 0.5 percent higher, while Brazil's ended up 3.1 percent and Mexico's rose 0.14 percent. North of the U.S. border, Toronto's TSE 300 also gained 0.9 percent.
Argentine markets end mixed pending word on swap
The leading MerVal share index pared early gains to close 0.5 percent firmer at 224.75 on low volume of $13.3 million, with 17 shares advancing, 16 falling and four trading unchanged.
Markets were still anxiously awaiting the outcome of talks between the government and powerful provincial governors aimed at helping clinch a deal to reduce the federal funds it transfers to them and so help ease pressure on the nation's finances.
On the Buenos Aires Stock Exchange, shares of Grupo Financiero Galicia fell 1 cent to 55 cents. Grupo Galicia's main unit, Banco Galicia, is a large holder of Argentine government debt.
Energy group Perez Companc gained 3 cents to close at $1.07.
Brazilian stocks stage late rally
The benchmark Bovespa index ended 3.1 percent higher at 11,364.7 points, clawing back some of the past two days' 6.4 percent drop on fears Argentina would default on its debt and scare investors from the region.
Gainers far outpaced decliners by 53 to 2, with 2 issues unchanged.
The Brazilian currency, the real, firmed to a one-month-high close, although traders said there was no positive news from Argentina to fuel the rallies.
Gains were scattered, although the liquid telecommunications sector as usual saw the most activity.
Telemar, Brazil's biggest phone company and market heavyweight, rose 1.1 percent to 27.21 reals. It was the most traded stock on the index.
The country's No. 1 local mobile phone operator, Telesp Celular, which also attracted solid volume, rose 0.9 percent to 5.48 reals.
Other heavily traded issues included No. 1 private bank Bradesco which gained 3 percent to 10.25 reals, and state oil company Petrobras, which rose 2.1 percent to 51.90 reals.
Mexico stocks tiptoe higher
Mexican stocks gave back earlier gains to finish modestly higher Wednesday led by gains in media and telecom issues as investors weighed the likelihood of an economic turnaround - and, unlike their Brazilian brethren, paying scant attention to events in crisis-plagued Argentina.
Mexico's IPC index of 35 leading stocks rose a mere 7.8 points, or 0.14 percent, at 5,537.04 points after rising nearly 1.2 percent during the course of the trading session. The index is about 20 percent below its 2001 high, posted on July 4.
In local market action shares of America Movil, Mexico's and Latin America's largest wireless operator, rose 3 percent to close at 6.91 pesos.
Shares of Mexico's No. 2 broadcaster, TV Azteca, rose 1.1 percent to close at 2.78 pesos after BBVA Securities raised its rating on the stock on Wednesday to buy from outperform, citing reduced risk that Azteca would provide additional financing to its wireless unit Unefon.
Shares of Azteca rival Televisa, Mexico's No. 1 media group, rose 0.6 percent to 14.11 pesos per share.
Meanwhile, shares of Wal-Mart de Mexico shed 3.4 percent to close at 22.02 pesos on worries that the expected sharp slowdown in Mexico's economy would start to bite into consumer spending.
Toronto stocks ignore U.S. selloff
Toronto stocks closed higher Wednesday, finishing strongly after late-session fluctuation, inspired by better-than-expected U.S. GDP numbers but buffeted by turbulence as blue-chip U.S. stocks hit an afternoon selloff.
The Toronto Stock Exchange 300 composite index closed 60.29 points higher, up 0.9 percent, at 6,885.70, as tech and bank stocks performed strongly, allowing Toronto's main equity index to make ground on U.S. markets, which had been outperforming it in recent weeks.
Toronto's tech-heavy industrial products sector finished up 1.7 percent as electronics giant Celestica Inc. made gains after three days of solid declines, advancing C$2.90, or 5.6 percent, to C$54.90. Ballard Power also made ground, rising C$2.35, or 5.8 percent, to close at C$42.90
Aerospace and railcar manufacturer Bombardier Inc. (BBDA: Research, Estimates) gained 16 Canadian cents after days of losses, closing at C$10.20 in enormous volume of 27.4 million shares.
-- from staff and wire reports 
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