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EMERGING MARKETS-Brazil stocks boosted by strong U.S. earnings
April 23, 2013 / 10:50 PM / in 5 years

EMERGING MARKETS-Brazil stocks boosted by strong U.S. earnings

* Strong U.S. earnings feed demand for riskier assets
    * America Movil rises after share buyback fund reinforced
    * Brazil Bovespa gains 1.08 pct, Mexico IPC up 0.46 pct

    By Roberta Vilas Boas
    SAO PAULO, April 23 (Reuters) - Brazilian stocks rose on
Tuesday after strong corporate earnings in the United States
boosted demand for riskier assets. 
    Telecoms firm America Movil buoyed Mexico's IPC
index, while Chile's bourse recovered from the
previous session's loss.
    Shares tracked global markets higher after a string of U.S.
companies reported encouraging first-quarter earnings results
and U.S. home sales data came in better than expected.
    "From the moment the market opened today it was slowly
gaining strength, following overseas markets," said Luiz Roberto
Monteiro, an equities trader at Renascença DTVM brokerage. 
    Brazil's benchmark Bovespa stock index rallied for
the fourth straight day, adding 1.08 percent to 54,884.75, as
shares of state-run energy giant Petroleo Brasileiro SA
, known as Petrobras, gained 2.18 percent.
    Shares of retailer Cia. Hering SA jumped 5.69
percent after the company posted strong first-quarter sales
numbers late on Monday, despite a slight fall in net income.
    Mexico's IPC index rose for the third straight
session, adding 0.46 percent to 43,113.61 points. 
    Shares of telecommunications firm America Movil,
controlled by billionaire Carlos Slim, added 1.26 percent after
the company said on Tuesday that it approved an additional 40
billion pesos ($3.24 billion) to strengthen the fund it uses to
repurchase shares. 
    Chile's IPSA index rose 0.49 percent, as shares of
retailer Falabella picked up 0.93 percent.

    Latin America's key stock indexes at 2233 GMT:
 Stock indexes                                     % change
 MSCI LatAm                          3,734.42          1.29
 Brazil Bovespa                     54,884.75          1.08
 Mexico IPC                         43,113.61          0.46
 Chile IPSA                          4,313.04          0.49
 Chile IGPA                         21,152.98          0.41
 Argentina MerVal                    3,569.25           1.1
 Colombia IGBC                      13,398.27          0.09
 Peru IGRA                          17,781.56         -0.66
 Venezuela IBC                     646,681.19             0

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