• 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Your email address will not be published.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

Arabs and Jews Find Success and Peace in Brazil

Jews have been coming to Brazil since the country was first discovered by the ...

Brazil’s Social Movements Coalition Comes to Lula’s Rescue

After a meeting with Brazilian President Luiz Inácio Lula da Silva, a coordinator of ...

Landless’s Invasions Hinder Reforms, Says Brazil’s Minister

Brazil’s Minister of Agrarian Development, Miguel Rossetto, criticized the invasions organized by the Landless ...

Despite Doom Predictions Brazil’s Trade Balance Grows 4.2%

Exports from Brazil totaled US$ 3.114 billion in the first week of October, which ...

Brazilian Women Victims of Violence Urged to Denounce Their Assailants

“Do not report tomorrow the abuse you suffer today.” This is the motto adopted ...

Brazil’s Latest Landless: The Indians

Federal Police officers helped by three army helicopters removed some 700 Indians from a ...

New Goal for Brazil Is to Export US$ 150 Billion, Says Lula

During his trip to Uruguay, where he attended the inauguration of the new President, ...

Brazil’s Fat Lady Can’t Sing – Act Two

The Teatro Amazonas, in Manaus, was inaugurated in 1896 with excerpts from Ponchielli’s La ...

Brazilian Airports Latest Headache: Hundreds of Lost Luggage Pieces

Brazil’s ANAC (National Agency of Civil Aviation) promises to conduct an audit today to ...

Brazil Dedicates Four Days to Celebrate and Sell Underwear and Lingerie

Fevest, the Brazilian Underwear Fashion Tradeshow  has started this Tuesday, August 8, in the ...