* Brazil Bovespa up 0.15 pct, Mexico IPC flat
MEXICO CITY Oct 31 Brazil's benchmark Bovespa
stock index edged up on Thursday, the day before heavily
weighted oil firm OGX was set to be removed from the index after
the company filed for bankruptcy protection.
Mexico's IPC index was flat while Chile's bourse
was closed for a local holiday.
The Bovespa rose 0.15 percent to 54,256.20 points
to end October up nearly 4 percent.
Shares of OGX Petroleo e Gas Participacoes SA
dropped 23.53 percent, the day after the company controlled by
former billionaire Eike Batista filed for bankruptcy protection.
Brazil exchange operator BM&F Bovespa said late on Wednesday
that it would remove OGX from the Bovespa after Thursday's
session but that the shares would continue to trade.
OGX's relatively heavy weighting in the index has meant that
even small changes in the stock's price cause the Bovespa to
swing widely, and its removal should lessen volatility, analysts
Shares of state-run oil company Petroleo Brasileiro SA
rose 2.41 percent, touching their highest level in
nearly six months as investors continued to cheer a new fuel
pricing proposal from the company, which could boost
The company currently imports gasoline to satisfy local
demand while selling it at a loss at the government's insistence
as a means of controlling inflation.
Shares of steelmaker Gerdau SA rose 4.68 percent
after the company reported better-than-expected third-quarter
earnings on Thursday.
Mexico's IPC index, which ended the month down 2.1
percent, closed flat.
Mexico's Senate on Thursday approved a plan to slap a 1
peso-per-liter tax on sugary drinks and an 8 percent tax on junk
food, before sending the bill back to the lower house of
Congress for final approval, expected later in the day.
Shares of Coca-Cola Femsa, Coke's largest
bottler in Latin America, lost 1.28 percent. Bread maker Bimbo
, which fell more than 2 percent in morning trading,
closed the day up 0.6 percent.