SAO PAULO, March 28 Brazilian shares rose on
Tuesday, supported by rising shares of Vale SA after the world's
No. 1 ore producer tapped a commodities industry veteran as its
next chief executive officer.
Preferred shares in Vale rose 1.7 percent, adding
the most points to the benchmark Bovespa stock index,
following the appointment of Fabio Schvartsman, who has been CEO
of Klabin SA, Brazil's largest paper and cardboard
producer, for the past six years.
Klabin units, a blend of common and preferred
shares, were the biggest gainers on the index. The company has
not yet announced his replacement.
Klabin's "succession plan will have to be expedited, but the
issue was already on the radar," Itaú BBA analysts led by Marcos
Assumpção wrote in a note to clients.
The Brazilian real was nearly flat, in line with
other Latin American currencies.
After a recent selloff, traders have erred on the sign of
caution as the await further clues over whether U.S. President
Donald Trump will manage to carry out promised tax cuts and
Doubts over his ability to get those plans off the ground
grew following his failure gather support from his own party to
a planned overhaul of the U.S. healthcare system.
Latin American stock indexes and currencies at 1550 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI Emerging Markets 970.46 0.49 12
MSCI LatAm 2636.24 0.36 12.23
Brazil Bovespa 64453.77 0.23 7.02
Mexico IPC 49444.71 0.27 8.33
Chile IPSA 4833.14 1.55 16.42
Chile IGPA 24169.07 1.42 16.57
Argentina MerVal 19859.79 0.29 17.39
Colombia IGBC 10093.76 0.21 -0.34
Venezuela IBC 40165.30 1.37 26.68
Currencies daily % YTD %
Brazil real 3.1283 0.00 3.86
Mexico peso 18.8650 0.15 9.96
Chile peso 665.7 -0.23 0.75
Colombia peso 2909.01 0.41 3.18
Peru sol 3.244 0.25 5.24
Argentina peso (interbank) 15.5100 0.39 2.35
Argentina peso (parallel) 16.02 0.56 4.99
(Reporting by Bruno Federowski; editing by Grant McCool)