EMERGING MARKETS-Brazil stocks mixed on first-quarter earnings

Tue Apr 30, 2013 11:28am EDT

Related Topics

* Shares of Embraer rise following jet order from United
    * Brazil Bovespa rise 0.59 pct, Mexico IPC flat

    By Asher Levine
    SAO PAULO, April 30 (Reuters) - Brazilian stocks were mixed
on Tuesday as investors focused on first-quarter earnings
reports from a range of companies.
    Both Mexico's IPC index and Chile's bourse 
were little changed from Monday's closing levels.
    Brazil's benchmark Bovespa stock index whipsawed in
early trading, though it was positive at noon.
    "We have a day that is dominated by quarterly results, so
there is less of a general trend in the market," said Fabio
Goncalves, an analyst with Banrisul in Porto Alegre.
    Shares of planemaker Embraer SA rose 5 percent
after an order for at least 30 new planes from United Airlines
 on Monday raised the odds of greater production next
year and calmed investor nerves over weaker-than-expected
quarterly earnings. 
    Telecommunications conglomerate Grupo Oi SA rose
1.6 percent after first-quarter profit at the company came in at
nearly twice the amount estimated in a Reuters poll of analysts.
 
    Shares of BRF Brasil Foods SA, the world's
largest poultry exporter, rose 2.6 percent after the company
said it doubled its profits in the first quarter from a year
earlier on lower feed costs and higher sales. 
    Brewing firm Ambev opened lower after parent
company Anheuser Busch InBev, the world's largest
brewer, cut its sales forecast for Brazil, its second-biggest
market, in part because rising food prices are cutting into
consumers' beer budgets. Bargain hunters helped the stock
rebound later in the session, however, after it touched its
lowest intraday price in seven months. 
    Shares of Itaú Unibanco Holding SA, Brazil's
largest private sector bank, were choppy through the session
after the company beat first-quarter profit estimates. Investor
concerns over declining revenue trends caused the stock to fall
in the morning, though it rebounded after an executive said on a
conference call that margins, or net interest earned through
loans, could stabilize or even rise in coming quarters.
 
    Mexico's IPC index was nearly unchanged at 41,912.73
points as losses by bottling group Femsa and lender
Grupo Financiero Inbursa offset a 2 percent gain
by America Movil, the telecommunications firm
controlled by billionaire Carlos Slim.
    Chile's IPSA index was also little changed as a 0.9
percent loss by regional energy group Enersis helped
cancel out a 0.6 percent gain in shares of retailer Falabella
 
    
    Latin America's key stock indexes at 12:01 GMT:
 Stock indexes                            daily %     YTD %
                                Latest     change    change
 MSCI LatAm                    3,723.33     -0.01     -1.95
                                                   
 Brazil Bovespa               55,211.72      0.59     -9.42
                                                   
 Mexico IPC                   41,918.97      0.02     -4.09
                                                   
 Chile IPSA                    4,255.16     -0.07     -1.07
                                                   
 Chile IGPA                   20,933.47     -0.04     -0.65
                                                   
 Argentina MerVal              3,811.76     -0.07     33.54
                                                   
 Colombia IGBC                13,464.31      0.05     -8.50
                                                   
 Peru IGRA                    17,811.68     -0.06    -13.66
                                                   
 Venezuela IBC               669,793.31      2.45     42.07
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