Argentina Stocks Surging as Latin American Markets Follow Wall Street Higher

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Latin American stocks are following Wall Street higher. Brazil's Ibovespa index appeared to be giving in to late profit-taking, but it is showing an upward trend again after earlier posting its best advance since January. Argentina stocks, as measured by the Merval Buenos Aires index, are up nearly 2% this afternoon.

All 13 stocks that make up the Merval index are higher, including a 3.5% gain for Petrobras Argentina SA ( PZE ). ADRs of ag-business giant Cresud Sociedad An ( CRESY ) are up nearly 6% while real estate developer IRSA Investments and Representations Inc. ( IRS ) also is up about 5% today.

Here's where the regional markets stand today:

- Ibovespa was up 32.38. Now up 67.63 (+0.12%) to 56,566.80.

- IPC (Mexico City) was up 306.01. Now up 280 (+0.64%) to 44,146.85.

- Santiago Index IPSA up 2.54 (+0.06%) to 3,953.54.

- Merval Buenos Aires up 61.17 (+1.95%) to 3,201.47.

In other company news, shares of Brazilian meatpacker BRF-Brasil Foods SA ( BRFS ) are up about 2% and close to year highs in New York trade after its Q4 net income more than quadrupled over year-ago levels when net profit was hurt by one-time provisions charges. BRFS late Monday reported net profit of 562.8 mln Brazilian reais ($283 mln), up from BRL121 mln ($61.7 mln) during the same quarter in 2011. Net revenue rose 14.6% year over year to BRL8.14 bln ($4.15 bln).

The company posted a full-year profit of BRL813 mln ($414 mln), down from BRL1.37 bln ($698 mln) in 2011 as raw materials costs rose last year.

Also today, ADRs of Telefonica ( TEF ) are up about 2.2% after securing a $1-bln export credit facility to buy equipment from Sweden's Ericsson (ERIC), Reuters is reporting today. The deal is backed by two Swedish export authorities, the Swedish National Export Guarantee Board and the Swedish Export Credit Corporation.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BRFS , CRESY , IRS , PZE , TEF

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