* 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 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
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
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
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