Latin American Stocks Gaining for Second Day; Energy, Miners Pacing Rise

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Latin American stocks are higher for a second day, picking up support from big gains for equities in the U.S. and European markets this morning. Mining and energy stocks are rising with a 1% advance in bullion and crude oil prices, respectively. Financial stocks are mostly lower after Portugal's largest bank late yesterday announced a highly discounted rights issue in a bid to raise 1 billion euro.

- Ibovespa up 1,081.18 (+1.76%) to 62,374.32.

- IPC (Mexico City) up 102.73 (+0.26%) to 39,269.87


- Santiago Index IPSA up 8.66 (+0.19%) to 4,555.80

- Merval Beunos Aires up 8.49 (+0.34%) to 2,512.39

In company news, Vale ( VALE ) is up nearly 5% amid reports it may commission more than 100 of its controversial giant Valemax ships to cut shipping costs. VALE's head of ore and strategy told the Financial Times of the plan, aimed at boosting the Brazilian miner prospects in China against larger rival BHP Billiton ( BHP ) and Rio Tinto ( RIO ).

Also today, shares of NII Holdings ( NIHD ) are up about 1.7% this morning after Macquarie initiated coverage of the wireless communications company with a Neutral rating and a $22.50 a share price target.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: BHP , NIHD , RIO , VALE

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