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Latin American stocks and currencies jumped on June 21 for a second day after weekend opinion polls suggested the campaign for Britain to stay in the European Union could be gaining momentum.
Recent opinion polls have generally shown a tight race ahead of the June 23 referendum, although betting markets have shown a higher probability of a “Remain” vote.
Three polls published on June 18 showed a small lead for the “Remain” camp after a three-day hiatus in campaigning following the killing of a pro-EU lawmaker.
- UK Prime Minister Theresa May avoids London wipeout in local elections
- The future is bright, vows PM May on tour of Brexit-divided country
- Most South-East Asian stocks rise on expectation of anti-Brexit vote
- Gold falls more than 1% as Brexit campaign loses steam
- Brexit: Futures rise as ‘In’ regains momentum in British EU vote
- Brexit: Latest poll puts ‘Leave’ camp ahead of ‘Remain’
“Market sentiment regarding the British referendum has taken a positive turn over the last few days and the latest polls help reaffirm this,” B&T brokerage trader Marcos Trabbold said.
Although trade ties between Britain and Latin America are limited, analysts worry a “Leave” vote could sharply reduce global demand for risk, weighing on assets from the region.
In Brazil, shares of GPA SA jumped by the most in two months on local news reports saying its owner, Casino, could choose to delist Brazil’s biggest retailer.
Shares of Oi SA sank by as much as 16 per cent as approaching deadlines for debt repayments added to fears of a default or painful restructuring.
Gol Linhas Aéreas Inteligentes rose 3.1 per cent after the airline sweetened the terms of a bond swap offer and extended its deadline to lure more investors.
Neither Oi nor Gol is part of the benchmark Bovespa stock index, which rose 1.61 per cent.