Brazil-Meat Companies shares surge on Wall Street after credit upgrade.
Brazilian stocks led Latin American equity advancers Tuesday, aided by gains in Perdigao SA after a broker hiked its rating on the meatpacker.
Gains in most of markets accelerated alongside a late-stage surge on Wall Street, which left the S&P 500 Index ($SPX:S&P 500 Index
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Last: 784.04-10.31-1.30%
5:00pm 03/19/2009
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$SPX 784.04, -10.31, -1.3%) up 3.2%.
Brazil’s Bovespa rose 2.3% to 39,510.72, following two sessions of losses.
The iShares MSCI Brazil Index Fund (EWZ:iShares:Brazil
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Last: 38.61+0.42+1.10%
4:49pm 03/19/2009
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EWZ 38.61, +0.42, +1.1%) rose 3.2%, also logging its first win in the three sessions.
Shares of Brazilian market heavyweight and oil giant Petrobras (PBR:petroleo brasileiro sa petro sponsored adr
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Last: 32.30+1.29+4.16%
6:40pm 03/19/2009
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PBR 32.30, +1.29, +4.2%) rose 2.9% as oil surged to a more than three-high, up nearly 4% at above $49 a barrel. Investors focused on a report that U.S. housing starts unexpectedly jumped 22%, pushing to the background expectations that U.S. crude inventories rose last week. Trading was also volatile ahead of the expiration of options. See Futures Movers.
Separately, the company said average production of oil and gas rose 1.3% in February from January, to 2.247 million barrels of oil equivalent. Output rose 5.6% from the year-ago period. Domestic output averaged 1.94 million barrels of oil equivalent, up 0.9% from January, and up 6.5% from February of last year. The production figures set monthly records, said Petrobras in a statement.
Perdigao (PDA:perdigao s a sponsored adr
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Last: 27.50-0.71-2.52%
4:01pm 03/19/2009
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PDA 27.50, -0.71, -2.5%) shares were among the strongest of Brazil’s price performers on Tuesday, up 7.2% after Credit Suisse upgraded the company to an outperform rating from neutral, saying that its shares are trading below historical valuation.
"We don’t believe [Perdigao] is pricing-in likely market share gains in both domestic and export markets, caused by a continued weakening in smaller competitors’ positioning," wrote analyst Marcel Moraes in a note Tuesday.
He said the company faces short-term challenges due to demand for protein from export markets, but that it’s "the best-positioned Brazilian food company to face any adversities."
Shares of competitor Sadia (SDA:sadia s a spon adr pfd
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Last: 3.80-0.16-4.04%
4:03pm 03/19/2009
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SDA 3.80, -0.16, -4.0%) gained 4.6%. Moraes said Brazil’s development bank, or BNDES, could bring Perdigao and Sadia "closer together, creating one of the leading food companies," if the bank were to become involved helping Sadia deal with 3.5 billion reals ($1.53 billion) in short-term debt that’s due in the third quarter of this year.
Fellow meatpacker JBS saw its shares rise 2.4%.
Steel stocks ended mixed amid a spate of downbeat developments from the metals sector, including Anglo-American mining firm Rio Tinto’s (RTP:rio tinto plc sponsored adr
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Last: 114.31+4.32+3.93%
4:01pm 03/19/2009
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RTP 114.31, +4.32, +3.9%) view that a rebound in metals prices will occur this year.. Read more about Rio Tinto’s outlook.
Also, aluminum giant Alcoa Inc. (AA:alcoa inc com
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Last: 6.40+0.92+16.79%
4:00pm 03/19/2009
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AA 6.40, +0.92, +16.8%) slashed its dividend in a move to save money amid a "prolonged" downturn, and U.S.-based steel maker Nucor Inc. (NUE:Nucor Corporation
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Last: 38.08+2.57+7.24%
4:00pm 03/19/2009
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NUE 38.08, +2.57, +7.2%) warned that it will swing to first-quarter loss.
"The economy has fallen off a cliff -- and there is no visibility as to the timing of the recovery," said Nucor in a statement.
In Sao Paulo, shares of steel maker Gerdau (GGB:gerdau s a sponsored adr
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Last: 5.05-0.01-0.20%
4:00pm 03/19/2009
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GGB 5.05, -0.01, -0.2%) fell 1.3% and Usiminas fell 2.3%. But CSN (SID:companhia siderurgica nacion sponsored adr
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Last: 15.12+0.19+1.27%
4:01pm 03/19/2009
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SID 15.12, +0.19, +1.3%) turned higher, by 0.4% and Vale (RIO:companhia vale do rio doce sponsored adr
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Last: 14.14+0.29+2.09%
4:00pm 03/19/2009
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RIO 14.14, +0.29, +2.1%) , the world’s largest producer of iron-ore, a key component in steel production, rose 1.3%.
Chile’s IPSA gained 1% to 2,482.05, Argentina’s Merval index rose 1.6% to 1,037.11.
