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EMERGING MARKETS-Brazil stocks gain for 2nd day as Petrobras jumps
January 15, 2014 / 6:35 PM / 4 years ago

EMERGING MARKETS-Brazil stocks gain for 2nd day as Petrobras jumps

RIO DE JANEIRO, Jan 15 (Reuters) - Brazil's benchmark
Bovespa stock index jumped 1 percent on Wednesday as shares of
state-run oil company Petrobras gained on speculation of a
possible fuel price hike later this year.
    Preferred shares of Petroleo Brasileiro SA, as
the Brazilian oil company is formally known, gained 2.1 percent
after newspaper Folha de S.Paulo said in its online edition that
the government and the company board are considering increasing
fuel prices in June or even in March.
    Folha said its reporting was based on sources at President
Dilma Rousseff's economic team. Petrobras has repeatedly
declined to comment on its pricing policy. 
    Traders said the report further boosted shares of Petrobras,
which lost nearly 9 percent of its value last year as the
government forced the company to sell gasoline and diesel in
Brazil under market prices to keep inflation in check. 
    Other Latin American stock indexes also rose on Wednesday as
investors tracked gains on Wall Street.
    "We're again taking a ride along with overseas markets. It
will likely remain like that until we get better numbers for the
domestic economy," said Alvaro Bandeira, a partner with Órama
    * Shares of Brazil's state-run electricity utility
Eletrobrás slumped 2.9 percent, the most among the
components of the Bovespa index, after regulators decided the
company needs to return about 2 billion reais ($851 million) to
a sector fund it manages.
    * Brazil's Embraer shares climbed 1.4 percent
after the world's largest maker of regional aircraft announced
it met its 2013 delivery targets after a surge in sales in the
fourth quarter. 
    * Mexico's IPC stock index rose 0.3 percent to
42,439.79 points, supported by gains of 1.8 percent in shares of
America Movil, the telecom company of billionaire Carlos
Slim.Key Latin American stock indexes at 1820 GMT    Stock
indexes                   Latestdaily % changeYTD % changeMSCI
LatAm    3,116.290.36-2.99Brazil Bovespa    
   50,213.201.03-2.51Mexico IPC           
42,550.470.26-0.41Chile IPSA           
3,649.400.95-1.35Chile IGPA          
18,035.780.81-1.05Argentina MerVal     
5,635.121.344.53Colombia IGBC        
12,633.870.57-3.35Peru IGRA            
16,129.67-0.022.39Venezuela IBC         2,762.960.090.96

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