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EMERGING MARKETS-Brazil stocks rise slightly on telecom merger
January 14, 2014 / 3:11 PM / 4 years ago

EMERGING MARKETS-Brazil stocks rise slightly on telecom merger

SAO PAULO, Jan 14 (Reuters) - Brazilian stocks advanced
slightly on Tuesday, helped by telecom shares after Brazil's
competition watchdog approved the merger of Grupo Oi SA
 and Portugal Telecom SGPS SA with no
    Brazil's Bovespa, which dropped in two of the latest
three sessions, rose 0.24 percent, while the MSCI Latin American
stock index fell 0.48 percent.
    Shares of Grupo Oi SA jumped 4.45 percent. Oi and
Portugal Telecom in October announced plans to form a new
company with more than 100 million subscribers and almost $19
billion in annual revenue. 
    "The decision was already expected, but it is always good to
have a definition. There's always some investors willing to buy
after it," said Fabio Gonçalves, an analyst with Banrisul
brokerage in Porto Alegre.
    The Bovespa was one of the world's worst performing indexes
in 2013, a year of disappointing economic growth in Brazil, and
is currently trading close to four-month lows.

    * Launches of new housing projects by Brazil's largest
homebuilder Cyrela rose 39.8 percent in the fourth
quarter from the same period a year before to 1.922 billion
reais ($812 million). Its shares rose 2.56 percent on Tuesday to
14.84 reais.
    * Shares of Estacio Participacoes SA rose 2.19
percent to 19.62 reais after Brazil's education ministry revoked
the licenses of rival college operators Universidade Gama Filho
and UniverCidade, both based in Rio de Janeiro.
    * Argentina's Merval stock index rose 0.3 percent,
driven up by Pampa Energia, while Chile's bourse
 was down 0.04 percent.

    Key Latin American stock indexes at 1447 GMT:
 Stock indexes                              daily %    YTD %
                                   Latest   change     change
 MSCI LatAm                     3,085.75    -0.48      -3.13
 Brazil Bovespa                 49,547.64   0.24       -3.80
 Mexico IPC                     42,189.85   0.07       -1.26
 Chile IPSA                     3,617.33    -0.04      -2.21
 Chile IGPA                     17,903.96   -0.02      -1.77
 Argentina MerVal               5,588.00    0.3        3.65
 Colombia IGBC                  12,572.25   0.15       -3.82
 Peru IGRA                      16,162.96   0.14       2.60

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