EMERGING MARKETS-Brazil stocks rise after earnings boost

Thu Feb 7, 2013 9:52am EST

Related Topics

* Braskem, Cosan both up more than 3 pct after earnings
    * Brazil Bovespa rises 0.35 pct, Mexico IPC down 0.31 pct

    By Asher Levine
    SAO PAULO, Feb 7 (Reuters) - Brazilian stocks rose on
Thursday with solid earnings results from petrochemical firm
Braskem and sugar and ethanol producer Cosan helping to stem a
three-day slide in the Bovespa index. 
    Chile's bourse also rose slightly though Mexico's
IPC index fell shortly after opening.
    Brazil's benchmark Bovespa stock index rose for the
first session in four, adding 0.35 percent to 59,125.
    The country's biggest sugar and ethanol producer Cosan
 rose 3.2 percent after it reported a quarterly net
profit of 342 million reais ($172 million) on Wednesday, up 265
percent from a year ago. 
    Shares of Braskem SA, Latin America's largest
petrochemical company, rose 3.35 percent after the company
posted its best fourth-quarter net profit in a year and a half
on Thursday. 
    Shares of oil producers contributed most to the index's
rise, however, with state-controlled oil company Petroleo
Brasileiro SA, known as Petrobras, up 1.65 percent
and the smaller OGX up 3.5 percent.
    Petrobras shares had fallen 2.65 percent in the previous
session.
    Fabio Goncalves, an analyst with Banrisul in Porto Alegre,
Brazil, said the rebound was "a reflection of the good results
we saw out of some companies and some of the larger stocks had
posted significant falls in recent days."
    Mexico's IPC index was down 0.31 percent shortly
after opening. Monterrey-based Cemex , one of
the world's biggest cement companies, fell 0.21 percent after
reporting a wider-than-expected fourth-quarter loss of $489
million.  
    Chile's IPSA index rose 0.06 percent.
    
    Latin America's key stock indexes at 14:40 GMT:

 Stock indexes               daily   YTD %
                                 %  change
                  Latest    change  
 MSCI LatAm       3,938.45    0.69    2.99
                                    
                                    
 Brazil Bovespa   59,157.1    0.35   -2.94
                         5          
 Mexico IPC       45,430.1   -0.31    3.95
                         1          
 Chile IPSA       4,599.36    0.06    6.93
                                    
 Chile IGPA       22,362.7    0.06    6.13
                         8          
 Argentina        3,318.02    0.85   16.25
 MerVal                             
                                    
 Colombia IGBC    15,195.3    0.16   19.97
                         5          
 Peru IGRA        21,759.8    0.03    5.48
                         2          
 Venezuela IBC    565,522.    0.02   19.96
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