(Updates prices) By Bruno Federowski SAO PAULO, Feb 20 (Reuters) - Brazilian stocks rose to a nearly six-year high on Monday after miner Vale SA unveiled a proposal to become a company with no defined controlling shareholders.
Shares of Vale, the world's largest iron ore producer, gained nearly 7 percent, driving gains in Brazil's benchmark Bovespa stock index, which rose 1.16 percent.
Shares in Bradespar, a key shareholder in holding company Valepar SA, posted their biggest intraday jump ever, adding as much as 20 percent, but ended the day up 0.40 percent.
Analysts said the Vale proposal would increase the value of Bradespar's net assets.
Other Latin American markets were little changed and trading volume was thin due to the U.S. market holiday.
The Brazilian real strengthened 0.14 percent, while the Mexican peso gained about 0.3 percent.
The peso did not move on news that Mexico's central bank chief, Agustin Carstens, will remain in office until the end of November amid uncertainty about the impact of U.S. President Donald Trump's policies on Latin America's No. 2 economy.
Mexican President Enrique Pena Nieto asked Carstens to stay until Nov. 30, according to a presidential spokesman. Carstens was set to step down at the end of June to take the top post at the Bank for International Settlements in October.
In Brazil, yields paid on interest rate futures tightened slightly as traders maintained bets that the central bank will refrain from accelerating the pace of rate cuts at its meeting this week.
Reuters calculations showed rate future yields indicated an 82 percent probability of a 75-basis-point cut in the benchmark Selic overnight lending rate.
Weaker-than-expected inflation figures in recent weeks had stirred some expectations of a steep 100-basis-point reduction.
Key Latin American stock indexes and currencies at 2210 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 943.58 0.48 9.43 MSCI LatAm 2654.43 1.13 13.41 Brazil Bovespa 68532.86 1.16 13.79 Mexico IPC 47083.81 -0.17 3.16 Chile IPSA 4355.65 0.13 4.92 Chile IGPA 21785.28 0.35 5.07 Argentina MerVal 20038.39 1.81 18.45 Colombia IGBC 10003.13 -0.07 -1.23 Venezuela IBC 34901.07 -0.38 10.08 Currencies daily % YTD % change change Latest Brazil real 3.0860 0.01 5.29 Mexico peso 20.359 0.35 1.79 Chile peso 641 0.53 4.63 Colombia peso 2880.6 0.15 4.20 Peru sol 3.246 0.52 5.18 Argentina peso (interbank) 15.6500 0.19 1.44 Argentina peso (parallel) 16.44 0.24 2.31 (Reporting by Bruno Federowski; Editing by James Dalgleish and Tom Brown)