STXNEWS LATAM-Vale lifts Brazil stocks on $2.25 bln dividend plan

Reuters

Brazilian stocks rose for a third day on Thursday, led bypreferred shares of mining company Vale SA after theworld's largest iron ore producer proposed to pay $2.25 billionin dividends to shareholders.

The benchmark Ibovespa index advanced 0.4 percent to53,285.28, the highest level since Sept. 27. Vale, themost-heavily weighted stock in the São Paulo Stock Exchange,rose as much as 1 percent to 32.13 reais, while shares of OGXPetróleo e Gas Participações SA, the embattled oilproducer controlled by tycoon Eike Batista, surged as much as 9percent after saying that some wells in its offshore TubarãoMartelo field could contain as many as 108.7 million barrels ofoil equivalent.

Shares in Brazil rose despite Moody's Investors Service'sdecision late on Wednesday to lower the outlook on nation'scredit rating, citing low economic growth and investment as wellas rising government debt levels.

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