January 17, 2014 / 10:25 PM / in 4 years

EMERGING MARKETS-Brazil stocks drop as economy skids in November

MEXICO CITY, Jan 17 (Reuters) - Brazil’s benchmark stock index dropped on Friday, closing on a more than five-month low after renewed signs of economic weakness eroded confidence in the country’s tepid recovery.

The Bovespa index, which tracks the most-traded stocks on the Sao Paulo stock exchange, declined 1.04 percent.

Mexico’s IPC index fell 0.62 percent, while Chile’s IPSA index added 0.86 percent.

Economic activity in Brazil as measured by the central bank’s IBC-Br index contracted more than expected in November despite a surge in retail sales, throwing cold water on hopes of a modest recovery.

* Shares in bank Itau Unibanco drove losses in the Bovespa, falling 1.96 percent, while iron ore giant Vale , down 0.89 percent, also weighed.

* In Mexico, shares in retailer Comercial Mexicana jumped 4.21 percent after the company said it is considering selling itself.

* In Chile, electricity producer Endesa gained 3.17 percent. The company’s $1.4 billion coal-fired thermoelectric project got the green light on Friday when the country’s Supreme Court annulled a ruling against the Punta Alcalde project in the mineral-rich north region.

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