EMERGING MARKETS-Brazil stocks up as higher iron ore prices lift Vale

martes 26 de julio de 2016 12:06 GYT
 

By Bruno Federowski and Paula Arend Laier
    SAO PAULO, July 26 (Reuters) - Brazilian equities rose on
Tuesday as higher prices of iron ore lifted shares of miner Vale
SA following a heavy batch of corporate reports.
    Iron ore futures listed in China rose more than 2
percent on Tuesday as steel prices recovered from a steep fall
last week. 
    The move lifted stocks of miners and steel makers, with Vale
  the biggest boost to Brazil's benchmark
Bovespa index. 
    Shares in wireless carrier TIM Participações SA 
also ranked among the biggest gainers after falling as much as
1.3 percent earlier in the day.
    TIM, a unit of Telecom Italia SpA, posted an 85
percent drop in second-quarter net income and announced a cut in
its investment plans on Monday. 
    Nevertheless, analysts at Credit Suisse said the results
were marginally positive, citing a slower pace of decline in
revenue and Ebitda.
    In a conference call to discuss the results, the company's
chief executive said he expects ongoing efforts to cut costs to
generate about 1.7 billion reais ($518 million) in savings for
the three-year period ending in 2018. 
    In Mexico, shares of OHL Mexico shot up 13
percent, their biggest daily gain on record, on local news
reports that an Australian fund could make an offer for a stake
in the company, a unit of Spanish builder OHL.
    But the Mexican benchmark index IPC seesawed as
traders avoided making big bets ahead of this week's U.S.
Federal Reserve and Bank of Japan policy meetings. 

    Key Latin American stock indexes and currencies at 1555 GMT:
 Stock indexes                              daily %   YTD %
                              Latest         change  change
 MSCI Emerging Markets             871.01      0.22    9.44
                                                     
 MSCI LatAm                       2375.63      0.19   29.59
                                                     
 Brazil Bovespa                  57090.34      0.38   31.70
                                                     
 Mexico IPC                      47106.54     -0.05    9.61
                                                     
 Chile IPSA                       4142.10     -0.06   12.55
                                                     
 Chile IGPA                      20447.89     -0.04   12.65
                                                     
 Argentina MerVal                15802.18      0.57   35.35
                                                     
 Colombia IGBC                    9756.99     -0.31   14.15
                                                     
 Venezuela IBC                   12225.46      -1.9  -16.20
                                                     
                                                           
 Currencies                                 daily %   YTD %
                                             change  change
                                   Latest            
 Brazil real                       3.2757      0.48   20.49
                                                     
 Mexico peso                      18.7925     -0.06   -8.31
                                                     
 Chile peso                         660.5     -0.27    7.45
                                                     
 Colombia peso                    3061.77     -1.56    3.51
 Peru sol                            3.36     -0.27    1.61
                                                     
 Argentina peso (interbank)       14.9350      0.17  -13.07
                                                     
 Argentina peso (parallel)          15.48      0.58   -7.82
                                                     
 

 (Reporting by Bruno Federowski and Paula Arend Laier; Editing
by Dan Grebler)