EMERGING MARKETS-Brazil's Bovespa rises led by OGX, steelmakers; Mexico falls
* OGX gains on refinancing hopes, leading Bovespa up 1.5 pct * Mexico falls for fourth day in six as Homex leads declines By Guillermo Parra-Bernal SAO PAULO, July 15 (Reuters) - Brazilian stocks rose on Monday for the second day in three, led by oil producers and steelmakers, reflecting the potential benefits stemming from a weaker currency on the nation's exporters to better-than-expected economic data in China. Shares in OGX Petróleo e Gas Participações SA drove the Bovespa higher after rising as much as 9.5 percent, on optimism recent talks with banks will allow the oil producer controlled by embattled billionaire Eike Batista to keep honoring its debt. OGX is down 90 percent this year. In contrast, Mexico's IPC index slipped for the fourth session in six, led by ailing homebuilder Homex Development Corp. Chile's benchmark IPSA index rose for the first day in five on Monday. Brazil's benchmark Bovespa stock index jumped 1.5 percent to 46,162.86. The index is down 24 percent so far this year. Data out on Monday suggested the slowdown in economic growth in China, the world's second-largest economy, was not greater as some had feared. China is Brazil's largest trading partner and the main buyer of the nation's soybeans, iron ore and other commodities. Preferred shares of Petrobras, the state-run oil producer formally known as Petróleo Brasileiro SA, rose 1.3 percent. Analyst Ivano Westin of Credit Suisse raised his rating on preferred shares of Usinas Siderúrgicas de Minas Gerais SA , or Usiminas, to "outperform" from "underperform." The rally in OGX propelled gains in the shares of other companies controlled by Batista. MMX Mineração e Metálicos SA soared 8.5 percent, while those of logistics company LLX Logística SA climbed 9 percent. "The gains in the Bovespa are not due to a change in the way people perceive the country's markets but more to a number of positive situations that happened on a one-on-one basis to some companies in the index," said Luiz Roberto Monteiro, a stock trader with brokerage Renascença in São Paulo. Mexico's IPC index dipped 0.2 percent, slightly breaking technical resistance on its 50-day simple moving average. On Friday, credit ratings company Moody's Investors Service slashed Homex's senior unsecured debt ratings to "Ca," and kept the company's ratings under review for downgrade. The company said Friday that it failed to make an interest payment on its senior notes due 2019. Chile's IPSA index rose 0.4 percent. Latin America's key stock indexes at 1433 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,123.15 0.97 -18.55 Brazil Bovespa 46,110.56 1.27 -24.35 Mexico IPC 40,249.74 -0.2 -7.91 Chile IPSA 3,756.67 0.44 -12.66 Chile IGPA 18,674.08 0.35 -11.37 Argentina MerVal 3,273.54 1.46 14.69 Colombia IGBC 12,869.99 0.20 -12.54 Peru IGRA 15,007.93 -0.04 -27.25 Venezuela IBC 1,249,789.00 0 165.10
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