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 (
). ADRs of ag-business giant Cresud Sociedad An (
) are up nearly 6% while real estate developer IRSA Investments and
Representations Inc. (
) 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
- 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 (
) 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 (
) 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.
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