EMERGING MARKETS-Brazil Bovespa drops with Petrobras; real gains

viernes 26 de diciembre de 2014 10:36 GYT
 

SAO PAULO, Dec 26 (Reuters) - Shares of Brazil's state-run
oil company Petroleo Brasileiro SA drove the benchmark Bovespa
index lower on Friday, while the Brazilian real posted gains in
a thin trading session squeezed between the Christmas holiday
and the weekend.
    Petrobras' shares fell about 3 percent after
Moody's placed the oil firm's credit rating on review for a
possible downgrade and a Brazilian newspaper said the U.S. city
of Providence, Rhode Island, was suing the company for bond
losses stemming from a corruption scandal.
  
    Petrobras has already been sued by several U.S. investors
who bought its American Depositary Receipts, but this lawsuit
increases potential legal losses for the company as it includes
investors who purchased bonds it issued on international capital
markets between 2010 and 2014.
    "Petrobras has been trying to improve its image ... but
headlines remain negative, uncertainty is high and the number of
court cases against the company is increasing," said Luis
Gustavo Pereira, an analyst with Guide Investimentos in Brazil. 
    Brazil's Bovespa index slid 0.4 percent, also weighed down
by shares of miner Vale and steelmaker Gerdau
, which have been pressured by recent losses in metal
prices.
    The Brazilian real gained 0.4 percent in thin
trading, with traders cautiously awaiting details about the
terms of the central bank's intervention program next year,
which currently provides investors with as much as $200 million
worth of currency hedge daily.
    Central bank chief Alexandre Tombini has said the supply of
currency hedge may be cut to as much as $50 million per day in
2015, but hasn't unveiled a final number yet.
    Other Latin American currencies were flat to slightly
stronger as many traders took the day off.  
    
    Key Latin American stock indexes and currencies at 1420 GMT:
    
 Stock indexes                   daily %    YTD %
                                  change   change
                      Latest              
 MSCI Emerging           953.81     0.34    -5.19
 Markets                                  
 MSCI LatAm             2727.42     0.09   -14.86
                                          
 Brazil Bovespa        50640.46    -0.49    -1.68
                                          
 Mexico IPC                   0        0  -100.00
                                          
 Chile IPSA             3827.22      0.4     3.46
                                          
 Chile IGPA            18751.69     0.28     2.88
                                          
 Argentina MerVal             0        0  -100.00
                                          
 Colombia IGBC         11760.94        0   -10.02
                                          
 Peru IGRA              14553.7     0.07    -7.62
                                          
 Venezuela IBC          3796.85    -0.11    38.74
                                          
                                                 
 Currencies                      daily %    YTD %
                                  change   change
                         Latest           
 Brazil real             2.6861     0.33   -12.26
                                          
 Mexico peso            14.6902     0.11   -11.30
                                          
 Chile peso                 608     0.04   -13.47
                                          
 Colombia peso          2351.99     0.00   -17.86
                                          
 Peru sol                 2.971     0.10    -5.99
                                          
 
    

 (Reporting by Priscila Jordao and Patricia Duarte; Writing by
Walter Brandimarte; Editing by Chizu Nomiyama)