International edition
September 19, 2021

It operates five bingo halls and will launch a lottery as well

Mexico: Televisa stock grows after its incursion into the games of chance business

(Mexico).- Mexican stocks broke a three-session losing streak on Monday, closing up on strong gains by media giant Televisa while the peso bounced off a five-week low. The benchmark IPC stock index gained 0.56 percent to 26,281.64 points, while the peso dipped 0.1 percent to 10.943 per dollar after falling as low as 10.9850 per greenback, a five-week low.

T

his was the currency's second straight session of losses after a surprisingly strong U.S. jobs report on Friday dashed hopes for a near-term interest rate cut by the U.S. Federal Reserve.

Steady U.S. rates lead yield-hungry investors to favor safe-haven Treasuries at the expense of riskier emerging market assets, such as those in Mexico.

In stock trading, shares in leading broadcaster Televisa jumped 3.77 percent to us$ 5.6 after Merrill Lynch raised its 12-month price objective for the company to us$ 3.1 from us$ 2.65 to incorporate the company's gaming operations. "Televisa remains one of top picks in Latam media due to a benign competitive environment, high returns on capital and attractive valuation," Merrill said in a report.

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