SID - Why Brazilian Steel and Utilities Stocks Surged Today
Memorial Day is an American holiday, but that didn't prevent international stocks -- U.S.-listed Brazilian stocks in particular -- from surging right along with the rest of the market on Tuesday. As of 11:40 a.m. EDT, we're seeing shares of Brazilian steelmakers Companhia Siderurgica Nacional (NYSE: SID) and Gerdau (NYSE: GGB) as well as utilities Companhia Energetica de Minas Gerais (NYSE: CIG) and Companhia de Saneamento Basico do Estado de Sao Paulo (NYSE: SBS) all run higher.
Companhia Siderurgica stock is up 6.8%, Gerdau 8.1% -- and the utilities are up even more, with Companhia Energetica enjoying a 13.9% gain, and SABESP up 16%.
Image source: Getty Images.