VALE S.A Gains 1%

VALE S.A is almost 1% higher after Fundacao Cesp, Brazil’s largest private-sector pension fund, said it is not in talks to sell all of part of its 200 million real ($62 million) stake in the iron ore producer.

The fund issued a statement after newspaper Valor Economico published an interview in which Funcesp President Martin Glogowsky said a potential sale would be gauged if it proved advantageous for the fund, according to Reuters.The statement, issued after the interview was published, reportedly said Funcesp “has no need for such liquidity.”