SAO PAULO, April 29 Brazilian stocks rose the
most in nearly two weeks on Tuesday while the nation's currency
returned early gains after an election poll showed voter support
was declining for President Dilma Rousseff ahead of October's
The broader MSCI Latin American stock index
was also up, with stock markets in Mexico and Chile posting
Voter support for Rousseff has fallen on concerns about the
economy and a scandal surrounding state-run oil company Petroleo
Brasileiro SA, a new poll showed on Tuesday.
Brazil's benchmark Bovespa stock index added to
early gains after the poll was released, led by shares of
state-run companies. Many investors have criticized the Rousseff
administration for using state firms to further her
macroeconomic agenda at the expense of minority shareholders.
"Every poll in which Dilma doesn't advance ... ends up
supporting the stock market," said Fausto Gouveia, an economist
with Legan Asset in Sao Paulo.
Gouveia warned that it was too early to make a call on the
election's outcome, but said if Rousseff's popularity continued
to decline, the market should continue to rally, bolstered by
stop-loss operations among short-sellers.
Units of lender Banco Santander Brasil SA soared
16.8 percent after Spanish parent company Banco Santander SA
said it launched an offer to buy 25 percent of the
Brazilian bank it does not already own.
Other stock markets in the region advanced as well, with
Mexico's IPC index erasing two days of losses and Chile's
IPSA index capping a seven-day losing streak.
In currency markets, the Brazilian real traded flat,
giving up an early advance against the dollar following the
The Colombian and Mexican pesos both
strengthened slightly against the dollar, while Chile's peso
weakened following lower prices for copper, the
country's main export.
Key Latin American stock indexes and currencies at 1522 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI Emerging Markets 1000.52 0.75 -0.95
MSCI LatAm 3273.13 1.61 0.64
Brazil Bovespa 52055.25 1.31 1.06
Mexico IPC 40455.8 0.8 -5.32
Chile IPSA 3841 0.74 3.83
Chile IGPA 18900.05 0.59 3.69
Argentina MerVal 6853.86 0.93 27.13
Colombia IGBC 13431.67 0.49 2.76
Peru IGRA 15121.4 0.18 -4.01
Venezuela IBC 2334.04 -0.6 -14.71
Currencies daily % YTD %
Brazil real 2.2210 0.17 6.11
Mexico peso 13.0983 0.17 -0.52
Chile peso 560.9 -0.02 -6.20
Colombia peso 1933.21 0.28 -0.06
Peru sol 2.806 0.07 -0.46
Argentina peso (interbank) 8.0000 0.03 -18.84
Argentina peso (parallel) 10.57 1.23 -5.39
(Reporting by Asher Levine and Priscila Jordao; Writing by
Asher Levine; Editing by Jeffrey Benkoe)