EMERGING MARKETS-Latam stocks fall as OGX continues to hurt Brazil index

Wed Jul 3, 2013 6:26pm EDT

Related Topics

* OGX shares down over 50 pct this week as firm exits
oilfields
    * Petrobras shares rally following Tuesday rout
    * Brazil Bovespa down 0.41 pct, Mexico IPC flat

    By Asher Levine and Danielle Assalve
    SAO PAULO, July 3 (Reuters) - Latin American stocks were
broadly lower on Wednesday, with Brazil's Bovespa depressed by
another down day for oil producer OGX, whose shares have fallen
more than 50 percent this week.
    Mexico's IPC index was flat while Chile's bourse
 lost 0.75 percent to 3,847.62 points. U.S. markets will
be closed on Thursday for the U.S. Independence day. 
    Brazil's benchmark Bovespa stock index slipped 0.41
percent in a volatile session, briefly falling below 45,000
points, a more than four-year low.
    * Shares of OGX Petroleo e Gas Participacoes SA,
the oil company controlled by billionaire Eike Batista, lost
13.33 percent on Wednesday, for the fifth straight decline. 
    * OGX said in a filing on Monday that it has suspended the
development of three offshore oil prospects and slashed capital
spending. The company said on Wednesday that it would be able to
cover medium-term obligations. 
    * Shares of state-run oil company Petroleo Brasileiro SA
, known as Petrobras, rose 3.31 percent after having
fallen their most in over a year in the previous session, while
shares of steelmaker Usiminas rose 3.6 percent.
    * Just before the market close, iron ore mining giant Vale
 announced it had received a license from Brazil's
Environmental Protection Agency for its $19.5 billion Serra Sul
mine, with operations scheduled to begin in 2016.
    * Vale's shares trimmed losses after the announcement but
still closed 0.38 percent lower at 26.00 reais. 
    * Chile's IPSA index fell for the third straight day
as shares of retailer Cencosud dropped 2.32 percent.
    
    Latin America's key stock indexes at 2059 GMT:
    
 Stock indexes                             daily %  year-to-da
                        Latest              change        te %
                                                        change
 MSCI LatAm                   3,075.32       -0.83      -18.34
                                                    
 Brazil Bovespa              45,044.03       -0.41      -26.10
                                                    
 Mexico IPC                  40,828.85       -0.01       -6.58
                                                    
 Chile IPSA                   3,847.62       -0.75      -10.55
                                                    
 Chile IGPA                  19,097.24       -0.72       -9.36
                                                    
 Argentina MerVal             3,023.05        0.96        5.91
                                                    
 Colombia IGBC               12,673.21       -0.55        0.06
                                                    
 Peru IGRA                   15,450.24       -0.27      -25.11
                                                    
 Venezuela IBC                    0.00           0     -100.00
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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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