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Latam stocks, currencies up ahead of British referendum

Latam stocks, currencies up ahead of British referendum

SAO PAULO: Latin American stocks and currencies rose on Wednesday as optimism grew that Britain would vote to remain in the European Union a day before the closely watched referendum.

Betting markets have shown bigger chances of a “Remain” victory, though opinion polls have generally indicated a tight race. Investors worry a possible “Brexit” could disrupt financial markets and weigh on global risk appetite.

The Mexican peso strengthened for a fourth consecutive day, sidestepping a drop in crude prices. The peso had weakened to a four-month low last week, nearing levels which last triggered direct central bank intervention.

On Tuesday, a central bank board member flagged the recent slump in the peso as the biggest risk to its efforts to meet its inflation target.

Brazil’s benchmark Bovespa stock index rose 0.7 percent on the back of the uptick in global sentiment.

Shares of Centrais El?tricas Brasileiras SA jumped 9 percent after a local newspaper reported the government had asked the outgoing chief executive officer of CPFL Energia SA to become CEO of Eletrobras, as the state-run energy company is known.

Shares of Kroton SA, however, slipped 0.6 percent as the dispute for smaller rival Est?cio Participa??es SA heated up.

The Chief Executive of Ser Educacional SA, also a prospective buyer, told Reuters on Tuesday the company could sweeten the terms of its bid.

Copyright Reuters, 2016

Courtesy : BRecorder



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