EMERGING MARKETS-Brazil stocks track global shares up, Gerdau weighs

Tue May 7, 2013 7:27pm EDT

Related Topics

* Gerdau shares down on weak first-quarter steel output
    * Brazil Bovespa rises 1.52 pct, Mexico IPC gains 0.49 pct

    By Asher Levine and Brad Haynes
    SAO PAULO, May 7 (Reuters) - Brazilian stocks tracked global
markets higher on Tuesday as the outlook for ongoing monetary
stimulus from the world's major central banks and encouraging
industrial data from Germany fed demand for riskier assets.
    Chile's bourse rose for the fourth session in five,
while weak sales at Mexico's biggest retailer Wal-Mart de Mexico
limited an advance by the country's IPC index.
    German industrial orders rose unexpectedly in March due to 
strong demand from the euro zone, bolstering hopes for Europe's
largest economy. 
    "The production numbers in Germany were really good and
that's helping stocks globally," said Pedro Galdi, an analyst
with SLW Corretora in Sao Paulo. "But we're still seeing a lot
of volatility with all the Brazilian corporate earnings today."
    Brazil's benchmark Bovespa stock index rose 1.52
percent to 56,274.66, but losses in oil producer OGX,
down 1.02 percent, and steelmaker Gerdau, 2.2 percent
off, limited gains. 
    Gerdau SA's production in the first quarter fell from a year
earlier due to maintenance, the company said Tuesday in an
earnings release. OGX Petroleo e Gas Participacoes SA, the oil
company controlled by billionaire Eike Batista, reported that
plunging offshore oil output dragged down April production.
  
    Mexico's IPC index gained 0.49 percent to 42,406.67
points.
    Shares in Mexico's biggest retailer, Wal-Mart de Mexico
, fell more than 3 percent after it reported a
decline in April sales at stores that had been open for at least
a year. 
    Chile's IPSA index rose 0.28 percent, as a 2.85 rise
in mobile phone operator Entel drove gains. The company
reported a 29 percent fall in profit on Monday. 
    Latin America's key stock indexes at 2254 GMT:
    
 Stock indexes                             % change
                         Latest          
                                                   
 MSCI LatAm                 3,797.14           1.34
                                         
 Brazil Bovespa            56,274.66           1.52
                                         
 Mexico IPC                42,406.67           0.49
                                         
 Chile IPSA                 4,340.95           0.28
                                         
 Chile IGPA                21,223.80           0.21
                                         
 Argentina MerVal           4,066.48           2.99
                                         
 Colombia IGBC             13,377.22          -0.26
                                         
 Peru IGRA                 17,408.11          -1.68
                                         
 Venezuela IBC            681,531.81              0
FILED UNDER: