Latin American stocks mostly rose on Tuesday, while Mexico's peso hit a two-week high the day after a deep-water Gulf oil auction that was widely seen as successful.

Brazil's benchmark Bovespa stock index rallied more than 2 percent, supported by a jump in the shares of JBS SA, the world's biggest beef exporter.

Shares soared more than 19 percent, their biggest daily gain in seven months, after JBS said it would take its international businesses public in an initial public offering in the United States.

Analysts with Credit Suisse Securities estimated the reorganization could boost share prices by 30 percent compared to Monday's close.

Mexico's peso rose more than 1 percent against the U.S. dollar, a day after the country auctioned eight out of 10 deep-water oil and gas blocks in the Gulf of Mexico, raising expectations of capital inflows.

"The increase in foreign direct investment is welcome in a context of the current account deficit and a significant reliance of bilateral trade with the U.S. and remittances from abroad," strategists with BNP Paribas wrote in a client note.

In Brazil, the real appreciated more than 0.3 percent after the country's Senate defied a Supreme Court ruling to oust the chamber's president and as measures to cap government spending hung in the balance. 

Key Reuters Latin American stock indexes at 2200 GMT:

Stock indexesLatestdaily % changeYTD % change
MSCI Emerging Markets .MSCIEF861.490.888.48
MSCI LatAm .MILA00000PUS2293.501.6825.34
Brazil Bovespa .BVSP61088.252.140.92
Mexico IPC .MXX45103.220.374.95
Chile IPSA .IPSA4214.380.1914.51
Chile IGPA .IGPA21029.710.1315.86
Argentina MerVal .MERV17235.211.3847.62
Colombia IGBC .IGBC9815.640.414.84
Venezuela IBC .IBC36430.04-0.89149.72