• Categories
  • Archives

Foreign Investors Make Brazilian Stocks Boom

Latin American markets had a robust session, with international investors continuing to boost the region, amid weakness in the U.S. High oil prices and jitters ahead of tomorrow’s Fed meeting plagued that market.

Brazil’s benchmark Bovespa Index jumped 260.19 points, or 0.87%, while Mexico’s benchmark Bolsa Index climbed 228.06 points, or 1.48%. Argentina’s Merval Index added 21.82 points, or 1.34%.


Brazilian shares powered ahead, building on recent gains. On the economic front, the trade surplus reached US$ 1.30 billion in the September 12-18 period, swelling the year-to-date surplus to US$ 31.03 billion. Exports totaled US$ 2.84 billion, while imports totaled US$ 1.54 billion.


Also, the central bank’s weekly survey of analysts found that expectations for 2005 inflation rose to 5.21% from the 5.20% seen last week, due to Petrobras’ recent decision to raise wholesale fuel prices. Investors also awaited minutes from the central bank’s last meeting, due out later this week.


In corporate news, Banco Itaú was in focus after announcing a nine-to-one stock split in order to boost liquidity in its shares.


In deals, steelmaker Gerdau agreed to pay US$ 40.5 million over three years to increase its stake in an Argentine rolling mill, Sipar, to 83.77%.


In research, an investment bank maintained its “buy” rating on supermarket chain CBD, citing the firm’s ability to benefit from falling interest rates.


Mexican issues, meanwhile, jumped, continuing a rally that started before the long weekend. Infrastructure company Ideal continued to lure buyers after its successful IPO last week.


In economic news released after the close, sales at supermarkets and department stores rose 7.9% in August from a year ago, although same-store sales eased 0.2%.


Also of note, homebuilder Sare Holding SA and Anida, the real estate unit of Spain’s Banco Bilbao Vizcaya Argentaria agreed to cooperate on the building of apartment complexes in an investment worth about 600 million pesos.


In addition, financial group Banorte drew attention on news its shareholders would vote Oct. 6 on a possible dividend payment and capital increase.


Argentine stocks joined the rally party, following some profit-taking late last week after hitting record highs.


Thomson Financial Corporate Group – www.thomsonfinancial.com

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Bank of Brazil Back to Number 1 with US$ 2.1 Billion Profit

State-owned Bank of Brazil announced that it has regained market leadership, after posting a ...

Brazil Wants to Ban Mulattos and Give Blacks an ID. They Call This Progress

A stupidity cloud seems to hover over the Brazilian national Congress these days. Not ...

Under the Gun in Rio

In Rio, anyone can ask around and find a cheap pistol and a handful ...

Brazil’s Paulo Coelho, Live and Free, at a Computer Near You, October 11

Brazilian best-selling author, Paulo Coelho, will be discussing his books and answering readers’ questions, ...

New Forest Code Seems to Have Emboldened Killers in Brazil’s Amazon

In Brazil, a lawyer at the Catholic social action organization, Land Pastoral Commission – ...

Czar of Rio’s Underworld

If Rio’s new Public Security Secretary, Anthony Garotinho, makes an impression and reduces the ...

Brazil's executive Legacy jet with damaged wing

Brazil Boeing Tragedy: US Pilots Blamed by Colleagues for Series of Blunders

The day after Brazilian most-read daily Folha de S. Paulo published a transcript of ...

Brazil and the Yankee Way of Being Black

Francis Wardleby: Adital In the proliferation of academic articles and books that have been ...

Brazil's Education Minister Tarso Genro

Brazil’s 2010 Presidential Campaign Has Started and Tarso Genro Is Ahead

Sunday, October 29, 10.55 pm in Brasília: Luiz Inácio Lula da Silva is re-elected ...