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 1.93 percent,
boosting the benchmark Bovespa stock index, following
the appointment of Fabio Schvartsman, who has been chief
executive 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 sell-off, traders have erred on the side of
caution as they await further clues over whether U.S. President
Donald Trump will manage to get Congress to approve tax cuts and
massive spending on infrastructure.
Doubts over Trump's ability to keep those 2016 campaign
promises have grown following his failure to get enough support
from his own Republican Party to pass a bill overhauling the
U.S. healthcare system.
Latin American stock indexes and currencies at 2240 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI Emerging Markets 970.32 0.48 12.53
MSCI LatAm 2639.24 0.47 12.76
Brazil Bovespa 64640.45 0.52 7.33
Mexico IPC 49339.24 0.05 8.10
Chile IPSA 4868.88 2.3 17.28
Chile IGPA 24335.42 2.12 17.37
Argentina MerVal 20022.42 1.11 18.35
Colombia IGBC 10147.67 0.75 0.19
Venezuela IBC 41078.20 3.68 29.56
Currencies daily % YTD %
Brazil real 3.1390 -0.06 3.51
Mexico peso 19.0200 0.03 9.06
Chile peso 665.8 -0.24 0.74
Colombia peso 2904.82 0.00 3.33
Peru sol 3.241 0.34 5.34
Argentina peso (interbank) 15.5350 0.23 2.19
Argentina peso (parallel) 16.02 0.56 4.99
(Reporting by Bruno Federowski; editing by Grant McCool and