BRIEF-Blackline announces pricing of IPO of 8.60 mln shares at $17/shr
* Says initial public offering of 8.60 million common shares priced at $17.00per share Source text for Eikon: Further company coverage:
* U.S. Fed chief says accommodative policy needed for now * Petrobras alters accounting methods * Brazil Bovespa up 1.99 pct, Mexico IPC up 1.1 pct By Asher Levine SAO PAULO, July 11 Brazilian stocks rose for a second straight day on Thursday, tracking a rise in global equity markets after the U.S. Federal Reserve suggested its bond-buying program may be kept in place longer than some investors had expected. Mexico's IPC index erased the previous session's losses, while Chile's bourse rose its most in nearly two weeks. Fed Chairman Ben Bernanke said on Wednesday the overall message coming from the central bank was that "a highly accommodative policy is needed for the foreseeable future." An eventual decrease in global liquidity brought about by the winding down of the Fed's monetary stimulus program is expected to draw foreign investors away from riskier assets such as Latin American equities. "The world's markets woke up today because Bernanke made a declaration that the world wasn't expecting," said Ariovaldo Santos, a broker with H.Commcor in Sao Paulo. "The market had been nervous recently because people were unsure about when the tapering was going to happen." Santos said recent gains do not necessarily spell the beginning of a long-term rally for the Bovespa. "I am still worried about the next round of corporate earnings, considering the slow economy and the effect of the weaker real on some companies." Brazil's benchmark Bovespa stock index rose 1.99 percent to 46,388.49, breaking though technical resistance at 46,000 points which has limited gains in the Bovespa over the previous five trading sessions. Shares of the most widely traded commodities firms, which tend to attract the biggest share of foreign investors looking for exposure to Brazilian stocks, rose. Preferred shares of mining firm Vale SA gained 3.25 percent, while common shares of state-run oil company Petroleo Brasileiro SA, known as Petrobras, rose 2.9 percent. Petrobras late Wednesday announced a change to its accounting method in an effort to limit the impact of a weaker Brazilian currency on its large dollar-denominated debts. UBS Securities analyst Lilyanna Yang said in an investor note on Thursday that the move could help increase dividend payments for holders of common stock. Brazil's Bovespa is down 24 percent this year compared to a 17 percent rise in the S&P 500 index. Few analysts, however, have suggested stocks are at low enough levels to warrant bargain-hunting. Strategists at JPMorgan Securities on Thursday lowered their recommendation on Brazilian equities to "underweight" from "neutral," citing overly optimistic earnings expectations, the impact of a global economic slowdown on markets and uncertainty related to policy implementation. Mexico's IPC index posted its biggest rise in over a week, adding 1.1 percent to 40,440.86. Shares of bottling group Femsa advanced 1.4 percent, contributing most to the index's gains. Chile's IPSA index snapped a four-day losing streak as shares of retailer Falabella gained 1 percent. Latin America's key stock indexes at 1342 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,092.84 1.85 -20.04 Brazil Bovespa 46,388.49 1.99 -23.89 Mexico IPC 40,440.86 1.1 -7.47 Chile IPSA 3,760.79 0.67 -12.57 Chile IGPA 18,686.81 0.52 -11.31 Argentina MerVal 0.00 0 -100.00 Colombia IGBC 12,424.52 0.56 -15.57 Peru IGRA 14,857.65 1.47 -27.98 Venezuela IBC 0.00 0 -100.00
TOKYO, Oct 28 Nissan Motor Co has decided to sell its entire stake in Japanese auto parts maker Calsonic Kansei Corp to U.S. private equity firm KKR &Co as part of a $3.8 billion takeover, the Nikkei daily reported, without citing its sources.
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