By Carla Mozee

Latin American equity markets rose Friday, with sugar producer Cosan Ltd. leading advancers in Sao Paulo and helping the country's benchmark move toward its longest weekly winning streak in nearly a year.

Brazil's Bovepsa rose 0.6% to 43,982.92, with shares of Cosan (CZZ) jumping 16%.

The market "has yet to realize" the positive impact that higher sugar prices and a weaker local currency will have on the sugar producer's cash generation, said Citigroup analyst Tereza Mello in a note to clients Friday.

The broker also said it's recognizing the integration advantages that come with Cosan's purchase of a fuel distribution chain in light of volatile ethanol prices at the mill.

The Bovespa's gains were limited, however, as shares of oil giant Petrobras (PBR) slipped 0.2%.

With this week's advance of about 5%, the Bovespa will mark its longest weekly winning streak since mid-April through mid-May of 2008.

Mexico's IPC rose 0.1% to 2,021.87, with gains capped in part by a 1.7% loss in shares of Cemex (CX).

The market eased back from stronger advances that followed an announcement by the Mexican central bank that it will use a $30 billion swap facility with the U.S. Federal Reserve. It plans on April 21 to auction $4 billion from the swap line.

Mexico's currency was recently up about 2% at 13.548 pesos per U.S. dollar.

Equities in Brazil and Mexico are both on track to log four straight sessions of wins.

Argentina's Merval is also ready to post four weeks of gains, the first time it's accomplished that since May 2008.

Brazilian and Mexican markets were among those that surged Thursday, in part after leaders of the Group of 20 nations pledged $1.1 trillion to the International Monetary Fund and other institutions in a move to boost lending and jumpstart economic activity worldwide.

The meetings "are welcome for a world eager to see "something," said Dalton Gardiman, chief economist at Banco Bradesco BBI, in a note Friday. "Nevertheless, we are concerned that for the markets, an expansive and very optimistic view with respect to the capacity of these gatherings to do something is very limited, and should be taken with a large grain of salt."

On Friday, the Merval rose 4.5%, playing catch up as the market was closed Thursday for a holiday. Shares of steel tube maker Tenaris SA (TS) up 6.4%. The Luxembourg-based company's weighing on the Merval was raised this week to 46%, up from 35% in the first quarter, as part of the benchmark's new lineup.

Off the Bovespa index, shares of MMX Mineracao e Metalicos SA were among the most actively traded in Sao Paulo. They leaped 14% and are one their way to posting a more than 50% jump for the week.

In its daily securities update, Itaú Securities on Friday reinitiated coverage of the miner with an outperform rating, and said it viewed BHP Billiton Ltd. (BHP) and Chinese steelmakers "as potentially interested players" in purchasing MMX.

Earlier this week, MMX's board cleared the way for the company to hire a financial adviser as it seeks to sell all or a portion of its assets. MMX is run by billionaire Eike Batista.

In Mexico City, shares of Grupo Mexico led advancers with a jump of 9.7%. The copper miner said it will appeal a U.S. federal court ruling that prompted investors to send its shares plunging 15% on Thursday.

A federal court in Texas ruled that Grupo Mexico must compensate Asarco LLC for the 2003 fraudulent transfer of shares in Southern Copper Corp. (PCU) that had been held by Asarco. Asarco was purchased by Grupo Mexico in 1999, but lost operational control in the wake of Asarco's bankruptcy.