EMERGING MARKETS-Petrobras drives Bovespa up, Mexico gains for 4th day

Fri Nov 29, 2013 5:46pm EST

* Brazil's Bovespa gains 1.23 pct, Mexico's IPC up 0.8 pct

MEXICO CITY Nov 29 (Reuters) - Brazil's benchmark stock index rose on Friday as shares of state-run oil company Petrobras jumped on a boost in gasoline prices, while Mexican stocks climbed for a fourth day on reform optimism.

Preferred shares of Petroleo Brasileiro SA rose 2.47 percent as the company announced it will raise the wholesale price of gasoline by 4 percent and diesel by 8 percent to cut losses and bring domestic fuel costs closer to international levels.

The shares buoyed Brazil's Bovespa index, which rose 1.23 percent to close at 52,482.49.

The index, however, is down nearly 14 percent for the year and in November notched its first monthly loss since June.

Chile's IPSA index rose for the third straight day by the most in about two weeks, adding 1.26 percent to close at 3,789.06.

Empresas Copec contributed most to the index's gains, rising 1.89 percent a day after the industrial conglomerate said it had "launched a process" to sell its stake in Chile's coal-fired Guacolda thermoelectric plant.

In Mexico, the benchmark IPC index rose 0.8 percent to close at 42,499.13, its fourth consecutive session of gains as investors showed optimism about the prospects for an oil reform that could boost growth in the country.

Shares of Wal-Mart de Mexico, the country's biggest retailer, contributed most significantly to the IPC rise with a gain of 1.97 percent.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.