Banks Dragging Brazilian Index Lower; Earnings Miss by Banco Bradesco Pace Sector Decline

By Staff,

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Latin American markets are little changed today although Brazil's Ibovespa index is down sharply, sliding about 1.7% following a three-day break.

Brazilian stocks were idle Friday due to a regional holiday. Financial stocks have been a significant drag on the Ibovespa today after Banco Bradesco SA ( BBD ) reported 2012 financial results that narrowly missed earnings estimates. ADRs of the country's second largest bank were down near 3% to $18.30 each on the NYSE this afternoon with BBD reporting R$11.52 billion, or around $5.7 billion, in 2012 adjusted net income, up 2.9% from the R$11.2 billion in adjusted net income the prior year.

Here's where the regional markets stand today:

- Ibovespa down 1,066.8 (-1.7%) to 60,103.

- IPC (Mexico City) was up 35.25. Now up 12 (+0.03%) to 45,588.9.

- Santiago Index IPSA was up 1.61. Now up 5.78 (+0.15%) to 3,891.1.

- Merval Buenos Aires up 6.67 (+0.20%) to 3,346.44

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

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

This article appears in: Investing Commodities
Referenced Stocks: BBD

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