OREANDA-NEWS. February 13, 2015. Latin American financial markets rallied on Thursday after Russian separatists and Ukrainian forces agreed to a cease fire, boosting investor appetite for risk globally.

Brazil's benchmark Bovespa stock index rose nearly 3 percent, leading regional gains, as education stocks gained on expectations of changes in a key student financing program maintained by the government.

Shares of Brazilian education companies Kroton and Estacio jumped 13.5 percent and 12.0 percent, respectively.

An expected definition of rules for the student financing program known as FIES would "remove part of the uncertainty that is weighing on the market," analysts with BTG Pactual said client note.

Shares of Brazil's state-run oil company Petrobras climbed 4.5 percent after its new chief executive said the company, hit by a multi-billion corruption scandal, plans to cut investments, sell assets and offer shares in some of its units to raise cash.

The Brazilian real also posted gains after dropping to its lowest in more than 10 years this week, but many analysts warned the recovery could be short lived.

"Nobody is able to tell whether this is just a respite before additional weakness or an accommodation around these levels," said Bruno Goncalves, an analyst with WinTrade brokerage in Brazil.

Other Latin American currencies also rose more than 1 percent, including those of Mexico, Chile, and Colombia.

Losses in the Mexican peso have left policymakers worried about inflation, minutes showed on Thursday.