August 7, 2018 / 3:57 PM / 3 months ago

EMERGING MARKETS-Commodities, corporate results push up LatAm equities

    SAO PAULO, Aug 7 (Reuters) - Equities in Latin America rose
on Tuesday, as a combination of solid corporate results, rising
commodities prices and a strong day on Wall Street combined to
more than erase Monday's losses.
    In Brazil, iron ore miner Vale SA climbed some 2
percent as steel prices rose amid tight supply in China. State
oil firm Petroleo Brasileiro SA climbed 1.4 percent,
as oil prices gained after the United States reimposed some
sanctions on Iran.
    Electronics retailer Magazine Luiza SA led the
benchmark Bovespa index, climbing nearly 7 percent,
after beating aggressive second-quarter profit estimates.
    That in turn pushed up shares in e-commerce rival B2W
Companhia Digital SA and its brick-and-mortar unit,
Lojas Americanas SA, both of which rose over 3
percent on bets of solid earnings later this week.
    "Contrary to our (and consensus) expectations, (Magazine
Luiza) accelerated e-commerce growth to 66 percent
(year-over-year) in 2Q18 and, even better, had unprecedented
same-store sales growth ... in physical stores," said Morgan
Stanley analyst Franco Abelardo.
    The Bovespa index was up 0.5 percent in midday trade.
    Traders also said a rare quiet day politically helped
equities gain ground. The Brazilian market has become
increasingly attentive to political news ahead of an October
presidential election.
    Mexico's IPC equities index climbed 1.4 percent as
traders geared up for a slate of corporate results later on
Tuesday, and the United States, Canada and Mexico progressed on
North American Free Trade Agreement negotiations.
    The exception to the positive trend was Argentina's Merval
index, which fell some 2.7 percent on an alleged graft
conspiracy centered on the administration of former President
Cristina Fernandez.
    On Monday, a person close to the investigation told Reuters
a construction executive related to business-friendly President
Mauricio Macri was among those being questioned.
    
Key Latin American stock indexes and currencies at 1520 GMT:
    
 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets         1081.84      1.01     -7.55
                                                  
 MSCI LatAm                    2763.51      1.15      -3.4
                                                  
 Brazil Bovespa               81476.40      0.53      6.64
                                                  
 Mexico IPC                   50018.47      1.42      1.35
                                                  
 Argentina MerVal             28147.92     -2.58     -6.38
                                                  
 Colombia IGBC                12095.32     -0.08      6.37
                                                  
 Venezuela IBC               105229.59      1.18   8230.79
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3.7102      0.53    -10.70
                                                  
 Mexico peso                   18.4600      0.31      6.71
                                                  
 Chile peso                      641.6      0.74     -4.20
                                                  
 Colombia peso                  2898.8      0.01      2.87
 Peru sol                        3.267      0.09     -0.92
                                                  
 Argentina peso                27.2550      0.35    -31.76
 (interbank)                                      
                                                  
 Argentina peso                   27.8      1.08    -30.83
 (parallel)                                       
                                                  
 

 (Reporting by Gram Slattery and Paula Arend Laier; Additional
reporting by Sheky Espejo in Mexico City and Hugh Bronstein and
Nicolas Musculin in Buenos Aires; editing by Jonathan Oatis)
  
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