The Mexican stock market rose, led by gains in mining companies Peñoles and Grupo México.

Local indices on Mexico's stock exchanges have risen amid a market buoyed by reduced expectations of interest rate hikes in the United States, which is driving gains among their counterparts on Wall Street.

The S&P/BMV IPC, the main index of the Mexican Stock Exchange (BMV) tracking the most actively traded local stocks, has risen 0.93% to 67,013.57 points. The FTSE BIVA index, tracked by the Bolsa Institucional de Valores (Biva), has gained 0.74% to 1,350.11 points.

Most of the stocks in the indices are led by mining companies, such as Industrias Peñoles, which stands out with a 6.25% gain to over US$52.62, followed by fellow mining company Grupo México, which is up 2.59% at US$13.12.

However, U.S. nonfarm payroll figures came in lower than expected, which has reduced bets on interest rate hikes by the Federal Reserve, thereby weakening the dollar and strengthening metals. Meanwhile, in Mexico, inflation slowed for the fourth time.

The price structure in local markets is due to the interconnection between U.S. monetary policy and Mexican domestic consumption indicators.

U.S. payroll data came in below market expectations, which reduces projections for interest rate hikes by the Federal Reserve; meanwhile, lower rate expectations weaken the greenback, leading to a strengthening of metal prices.

Meanwhile, the domestic inflation in Mexico has shown a slowdown for the fourth consecutive time, a factor that provides additional support for investor confidence in local assets.