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EMERGING MARKETS-Brazil stocks rise as Vale rallies on output data

Reuters

By Bruno Federowski SAO PAULO, April 20 (Reuters) - Brazilian stocks gained on Thursday, supported by a rally in shares of miner Vale SA following solid first-quarter production figures.

Vale's iron ore output fell 6.7 percent on a quarterly basis due to seasonal effects, but jumped 11.2 percent from a year ago to a record high for the period.

The company's shares rose as much as 4.9 percent, adding the most points of any stock to Brazil's benchmark Bovespa index . Analysts at Itaú BBA maintained an "outperform" recommendation on the stock, citing prospects of a strong first-quarter operating profit.

Steelmaker Usinas Siderúrgicas de Minas Gerais also rose after it reversed a loss in the first quarter amid early signs of a recovery in industrial output.

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The Brazilian real seesawed, in line with other Latin American currencies, maintaining a volatile trend as investors fretted over growing geopolitical risk.

Mounting tensions in North Korea and Syria have dampened demand for higher-yielding emerging market assets, while uncertainty related to elections in France and the United Kingdom kept investors from making higher-risk bets.

Still, several polls showing French centrist Emmanuel Macron easily beating far-right candidate Marine Le Pen in a second round vote helped soothe some investor concerns on Thursday.

Key Latin American stock indexes and currencies at 1620 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 958.51 0.59 10.51 MSCI LatAm 2,600.71 -0.11 11.24 Brazil Bovespa 63,646.29 0.38 5.68 Mexico IPC 49,021.40 0.3 7.40 Chile IPSA 4,805.28 -0.67 15.75 Chile IGPA 24,138.61 -0.59 16.42 Argentina MerVal 20,617.83 0.51 21.87 Colombia IGBC 10,109.21 -0.14 -0.19 Venezuela IBC 47,695.30 0.28 50.43 Currencies Latest Daily YTD pct pct change change Brazil real 3.1494 -0.10 3.17 Mexico peso 18.8400 0.04 10.11 Chile peso 650 -0.23 3.18 Colombia peso 2,865.5 0.09 4.75 Peru sol 3.244 0.03 5.24 Argentina peso (interbank) 15.3950 0.03 3.12 Argentina peso (parallel) 16.03 0.44 4.93 (Reporting by Bruno Federowski, editing by G Crosse)