Brazil, Mexico miners, steelmakers up as iron ore prices rebound

Companhia Siderurgica Nacional SA

19/05/2022 17:47

** Shares in Brazilian and Mexican miners and steelmakers up as
iron ore prices rebounded with China hinting at further policy
support to cope with COVID-19 challenges  urn:newsml:reuters.com:*:nL2N2XB0HV
    ** CSN Mineracao SA  CMIN3.SA  and Companhia Siderurgica
Nacional (CSN)  CSNA3.SA  are the top gainers on Brazil's
Bovespa stock index  .BVSP , rising 7.6% and 6.8% respectively
    ** Both also announced new share buyback programs, dividend
payments late on Wednesday  urn:newsml:reuters.com:*:nE1N2WP022  urn:newsml:reuters.com:*:nE1N2WP023
    ** "This symbolizes a market opportunity for both companies
as the buyback programs are a way to optimize their resource
allocation while also being an additional tool to payout
investors," analysts at Genial Investimentos say
    ** Steelmaker Usiminas  USIM5.SA  rises 5%, while peer
Gerdau SA  GGBR4.SA  is up 3% and mining giant Vale SA
 VALE3.SA  up 2.5%
    ** They all outperform the broader Bovespa index  .BVSP ,
which is up 0.5% in afternoon trading 
    ** Mexican mining companies Penoles  PEOLES.MX  and Grupo
Mexico  GMEXICOB.MX  also up, 4% and 3.3% respectively, among
top gainers in the Banamex-30 index  .BMX 
    

 (Reporting by Gabriel Araujo; Editing by Christian Plumb)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))