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ADR REPORT-Petrobras climbs 2nd straight day; Latam shares outperform
March 7, 2013 / 8:58 PM / 5 years ago

ADR REPORT-Petrobras climbs 2nd straight day; Latam shares outperform

NEW YORK, March 7 (Reuters) - U.S.-listed shares of Latin American companies rose more than 1 percent on Thursday, led by gains for a second day in Brazil’s Petrobras after Credit Suisse raised its outlook on its American Depository Receipts.

The outlook on the state-led oil company was lifted to outperform from neutral. Late Tuesday, Petrobras said it would raise by 5 percent the wholesale price of diesel fuel, the country’s most-used motor oil. Losses on fuel prices have cut into money that could be used on investment.

Petrobras shares jumped 5.1 percent to $17.53 in New York. They rose 15 percent on Wednesday.

Other U.S.-listed Brazilian shares were also higher, including miner Vale, up 0.7 percent at $19.06, and shares of Brazil’s Banco Santander, up 1.7 percent at $7.76.

Among other Latin American shares, Mexico’s Cemex was up 1.7 percent at $11.61. The BNY Mellon index of leading Latin American ADRs was up 1 percent, while Brazil’s Bovespa stock index was up 1.6 percent.

It was a second day Latin American ADRs have outperformed the rest of the ADR market, even as U.S. stocks extended gains for a fifth day.

The BNY Mellon index of leading American depositary receipts was up 0.2 percent, while the Standard & Poor’s 500 index was also up 0.2 percent.

U.S. investor optimism has been up this week following the Dow Jones Industrial Average’s string of record intraday highs since Tuesday. A strengthening economy and loose monetary policy by central banks around the world have pushed U.S. stocks higher this year.

The BNY Mellon index of leading European ADRs was up 0.4 percent, while the FTSEurofirst 300 index of top shares closed down 0.1 percent.

The BNY Mellon index of leading Asian ADRs was down 0.7 percent.

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