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EMERGING MARKETS-Brazil stocks firm, helped by retail sector
January 13, 2014 / 3:21 PM / 4 years ago

EMERGING MARKETS-Brazil stocks firm, helped by retail sector

SAO PAULO, Jan 13 (Reuters) - Brazilian stocks firmed on
Monday, helped by retail shares, but weighed by state oil
company Petrobras while the Mexican stock market dipped, led
lower by the beverage sector.
    Brazil's benchmark Bovespa index advanced 0.15 
percent, recovering some ground from a 2.5 percent retreat last
    Mexico's IPC index was down 0.24 percent and Chile's
bourse was up 0.08 percent. Argentina's Merval stock
index gained 1.19 percent, driven up by a 2.29 percent
rise in oil company YPF. 
    Preferred shares of GPA SA, Brazil's largest
diversified retailer, rose 1.97 percent after the company 
formerly known as Grupo Pão de Açúcar SA reported a 16.2 percent
jump in net revenue for the fourth quarter of 2013, driven by
buoyant growth in its food and wholesale segments. 
    The São Paulo-based company, controlled by France's Casino
Guichard Perrachon & Cite, had net revenue of 16.89
billion reais ($7.2 billion) for the quarter. 
    Shares of Embraer SA , the Brazilian
manufacturer of regional, executive and defense aircraft, rose
1.78 percent. HSBC Securities said in a client note Embraer's
fourth quarter sales were robust, reinforcing management's
credibility and adding momentum to a company already benefiting
from the stronger U.S. dollar. 
    But Brazilian oil company Petrobras fell 0.75
    Strategists at Santander Investment Securities Inc led by
Jesús Gómez maintained their preference for Mexican equities
over Brazil's, mainly because of the former' s more promising
economic outlook as well as the rising probability of downgrades
in earnings estimates in Brazil. 
    On the Mexican stock market, beverage company Femsa fell
0.73 percent, as did another blue-chip company,
telecommunications corporation America Movil, which
shed 0.35 percent.
    Latin America's key stock indexes at 1437 GMT:
     Stock indexes                           daily %  YTD %
                                Latest       change   change
 MSCI LatAm                    3,116.98      0.62     -3.22
 Brazil Bovespa                49,773.43     0.15     -3.37
 Mexico IPC                    42,357.56     -0.24    -0.86
 Chile IPSA                    3,623.20      0.08     -2.05
 Chile IGPA                    17,939.43     0.07     -1.58
 Argentina MerVal              5,556.27      1.19     3.07
 Colombia IGBC                 12,582.30     -0.01    -3.74
 Peru IGRA                     16,100.00     0.17     2.20
 Venezuela IBC                 2,763.55      1.2      -99.90

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