Equities in major Latin American markets finished higher Tuesday, with a nearly 3% jump in Brazilian shares on the possibility of an aggressive interest-rate cut next month and a surge in commodity prices.
Overall advancers in the market were led by a 10% surge in shares of real estate developer Cyrela Brazil Realty. Shares of home builder Gafisa (GFA) leaped 9.4%.
Shares of oil giant Petrobras (PBR) climbed 3.6% as prices for crude oil rose 1.7% to $40.78 a barrel on the New York Mercantile Exchange as the Organization of Petroleum Exporting Countries made production cuts. See full story.
Prices for copper, which widely serve as a barometer of economic activity, climbed 6.4% to $1.522 a pound. But March silver shed 0.9% to $12.30 an ounce. Steel stocks bounced, with shares of Gerdau (GGB) and Vale (RIO) each up 5%. CSN (SID) shares gained 3.2% and Usiminas picked up 0.7%.
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