* Vale shares rise after Q1 earnings beat estimates
* Santander, Banco do Brasil weigh on Brazil's Bovespa
* Bovespa adds 0.49 pct, Mexico IPC drops 0.18 pct
By Asher Levine and Roberta Vilas Boas
SAO PAULO, April 25 Brazilian stocks rallied for
the sixth straight day on Thursday as a gain in mining giant
Vale offset a decline in bank shares.
Bottling group Femsa dragged Mexico's IPC index
to its second straight loss, while Chile's bourse
Brazil's benchmark Bovespa stock index rose 0.49
percent to 55,253.22 points, boosted by shares of iron-ore
mining firm Vale SA which rose 3.2 percent after
first-quarter earnings beat expectations.
Banking shares limited gains, with Banco Santander Brasil
retreating 2 percent after it reported a plunge in
first-quarter earnings and rising defaults.
Shares of airline Gol Linhas Aereas rose nearly 5
percent ahead of the pricing on Wednesday for the initial public
offering of its Smiles SA customer loyalty unit.
State-controlled lender Banco do Brasil fell 1.34
percent as investors become less optimistic about the outcome
for the IPO of its BB Seguridade insurance unit.
"Many people were talking about 18 reais for the (BB
Seguridade) IPO, but now people are mentioning 16 reais," said
Luiz Roberto Monteiro, a broker with Renascenca in Sao Paulo.
Bank of America analysts lowered their recommendation on
Banco do Brasil shares on Wednesday, citing the potential loss
of value and profits stemming from the IPO.
Mexico's IPC index fell for the second straight
session, losing 0.29 percent to 42,170.43.
Shares of bottling group Femsa fell 4 percent,
adding to the previous day's 6 percent decline after the company
said higher costs triggered a 7.7 percent drop in its
Chile's IPSA index fell 0.17 percent to 4,305.74 as
shares of Banco Santander Chile slipped 4.4 percent.
Latin America's key stock indexes at 1438 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,745.94 0.93 -2.28
Brazil Bovespa 55,253.22 0.49 -9.35
Mexico IPC 42,219.83 -0.18 -3.40
Chile IPSA 4,304.95 -0.19 0.08
Chile IGPA 21,128.36 -0.12 0.28
Argentina MerVal 3,615.55 0.33 26.67
Colombia IGBC 13,491.33 0.27 -8.32
Peru IGRA 17,800.70 0.78 -13.71
Venezuela IBC 662,296.50 2.41 40.48