Brazil stocks gain 2% as investors snap up Vale, OGX
On Thursday, Brazil's benchmark Bovespa stock index increased by 2%. The gain was due to the investors' efforts on snapping up Vale SA's, a mining company, low-priced shares. They also took control of OGX Petroleo e Gas Participacoes SA, an oil-producing company.
The climb on the stock index came after Brazil's latest losses in the stocks.
Late Wednesday, Vale announced that it received license from the Environmental Protection Agency of Brazil. It was also approved to construct a US$19.5 billion expansion for Carajas. Carajas was Vale's substantial iron ore mining project.
Vale was a global diversified metals and mining business. It was Brazil's biggest logistics operator. It also participated in a conglomerate for the electric energy sector. Presently, it manages nine hydroelectric plants.
On the other hand, on Thursday, OGX recorded a 26% upsurge for its oil production in June. OGX was Brazil's private oil and gas firm. It was the country's second largest oil company after Petrobras.