* Shares of Embraer rise following jet order from United
* Brazil Bovespa rises 1.86 pct, Mexico IPC up 0.84 pct
* America Movil drives IPC gains
By Asher Levine and Gabriel Stargardter
SAO PAULO/MEXICO CITY, April 30 Latin American
stocks rose on Tuesday as commodities producers lifted Brazil's
Bovespa, and the greenlighting of a telecoms reform in the
Mexican Senate buoyed billionaire Carlos Slim's telco America
Mexico's IPC index rose 0.84 percent, while Brazil's
Bovespa added 1.86 percent to 55,910.37 points. Latin
American markets will be closed on Wednesday for Labor Day.
Telecommunications giant America Movil, controlled
by Mexican tycoon Carlos Slim, rose 3.24 percent, driving gains
in the index, after Mexico's Congress approved a telecoms reform
that would limit the company's enormous market share, and open
the sector up to competition.
Analysts said the reform could help Slim gain a foothold in
the television market, which is dominated by Televisa, the
world's largest Spanish language content producer. Mexican
regulators have repeatedly blocked Slim from entering the
lucrative TV market.
In Brazil, oil producer Petrobras drove gains in
the index adding 2.66 percent, after the company said it would
make dividend payouts of 0.27 reais per common share and 0.76
reais per preferred share.
Shares of planemaker Embraer SA rose 6.64 percent
after an order for at least 30 new planes from United Airlines
on Monday raised the odds of greater production next
year and calmed investor nerves over weaker-than-expected
Shares of Itaú Unibanco Holding SA, Brazil's
largest private sector bank, closed up 2.56 percent. Investor
concerns over declining revenue trends caused the stock to fall
in the morning, though it rebounded after an executive said on a
conference call that margins, or net interest earned through
loans, could stabilize or even rise in coming quarters.
Mexico's IPC index closed up nearly 1 percent at
42,263.48 points. Mining company Grupo Mexico
added 0.98 percent after the company said it was looking to
publicly list at least two of its subsidiaries.
"It's not the first time we've heard this, it's been around
for years," said Gerardo Roman at the Actinver brokerage in
Mexico City. "But, yes, these days conditions are certainly more
Chile's IPSA index added 0.80 percent as retailer
Falabella gained 2.46 percent.
Latin America's key stock indexes at 2238 GMT:
Stock indexes % change
MSCI LatAm 3,775.82 1.4
Brazil Bovespa 55,910.37 1.86
Mexico IPC 42,263.48 0.84
Chile IPSA 4,292.14 0.8
Chile IGPA 21,084.60 0.68
Argentina MerVal 3,845.94 0.81
Colombia IGBC 13,390.27 -0.50
Peru IGRA 17,352.92 -2.63
Venezuela IBC 668,857.00 2.31