UPDATE 1-Brazil stocks creep up after worst week in a year
(Recasts and updates prices)
SAO PAULO, July 4 (Reuters) - Brazilian stocks crept higher on Friday, after its worst week in nearly a year, in a session low in liquidity due to U.S. Indepence Day holiday, while the national currency also firmed.
The Sao Paulo Stock Exchange's benchmark Bovespa index .BVSP was 0.2 percent higher at 59,365.35 points after falling 7.7 percent this week as financial worries kept global stock markets under pressure.
Brazil's currency, the real (BRBY), rose 0.19 percent to 1.608 per dollar.
State-run oil company Petrobras (PETR4.SA), the top weight in the Bovespa, helped underpin the market, rising 1.5 percent to 43.20 reais as crude prices came off their highs but kept above $144 a barrel.
Vale, Bovespa's second most heavily weighted play, rose 1.2 percent to 43.21 reais.
Vale (VALE5.SA)RIO.N began on Friday a series of meetings with potential investors in its $15 billion global share offer and said it will take orders for the deal from July 11 to 15.
The local market regulator (CVM) has cleared the offer. The shares on offer will be priced after bookbuilding is closed on July 16 and will only begin trading after that.
Interest rate futures <0#DIJ:> on the BM&F commodities and futures exchange in Sao Paulo were broadly higher as analysts continue to bet on more rate hikes in Latin America's largest economy.
Limiting the upside, steel companies like CSN (CSNA3.SA) and Usiminas (USIM5.SA) fell 0.1 and 1.8 respectively on ongoing concerns about weakening demand and high costs.
High oil prices continued to put pressure on airlines, with Brazil's second largest airline Gol (GOLL4.SA) slumping 6.2 percent to 13.79 reais.
The company revised late on Wednesday its forecasts for second-quarter results. Brokerage Itau Corretora called the new estimates "much worse" than expected and said it will revise its price target and rating on the stock because of the guidance and the recent surge in oil prices.
