MEXICO CITY Dec 5 Brazilian stocks rose for the
first time in four days on Thursday, buoyed by steelmakers on a
report they are seeking to hike prices, while miner Vale climbed
after announcing plans to sell a stake in its coal operations.
Brazil's Bovespa index rose 1.14 percent to
The country's steelmakers are proposing to boost steel
prices by 7 to 10 percent for local automakers, a source
familiar with the negotiations told Reuters.
Talks over what would be the first price rise in more than
two years have been "very difficult" as automakers eye weaker
domestic sales, the source said on condition of anonymity,
adding that talks are likely to continue into 2014.
Shares of Usinas Siderugicas de Minas Gerais SA,
which makes flat steal for the auto industry, jumped 7.53
percent, adding most to the index's gains, while steelmaker
Companhia Siderurgica Nacional SA rose 3.82 percent.
Shares of Vale gained 1.42 percent after the
miner said it plans to sell a 15 to 25 percent stake in its coal
operations and has interest from potential partners including
Vale, the world's largest producer of iron ore, said it
hopes the partnership in coal, along with the sale of a stake in
its Mozambican rail link and in fertiliser assets, can bring
funding, cut capital commitment and help mitigate risk.
The Bovespa is still down more than 16 percent for the year,
as concerns about the fiscal health and growth prospects of
Latin America's No. 1 economy weigh, fanning fears of a
sovereign ratings downgrade next year.
Mexico's IPC index lost 0.22 percent to 41,910.08
points, dragged down by shares of telecoms giant America Movil
and broadcaster Televisa.
The two companies said on Thursday they were under review by
the telecoms watchdog, which is determining whether they are
dominant players in the sector, a tag that would open them up to
The telecoms watchdog, created by President Enrique Pena
Nieto's overhaul of the sector, has powers to break up telecoms
companies that are found to be impeding competition, although
those powers are only intended to be used as a last resort.
Shares of America Movil fell 1.69 percent and Televisa shed
2.1 percent, contributing most to the index's losses.