Energy Stocks Keeping Latin American Markets in the Black

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Latin American markets are mostly higher this afternoon, with shares of energy companies holding on to moderate gains despite crude oil prices turning south after U.S. Federal Reserve Board Chairman Ben Bernanke today offered no hint another round of stimulus is imminent during remarks before Congress.

Here's where the regional market gauges stood:

- Ibovespa up 498.23 (+0.93%) to 53,900.03


- IPC (Mexico City) up 265.11 (+0.65%) to 41,175.91

- Santiago Index IPSA down 3.44 (-0.08%) to 4,369.23

- Merval Buenos Aires up 13.45 (+0.56%) to 2,398.54

In company news, shares of Rio Tinto ( RIO ) have turned positive after the miner with extensive South American operations maintained its forecasts for iron ore production this year, despite concerns over cooling demand from China.

The company reaffirmed production guidance of 250 million metric tons this year and said the multi-billion dollar expansion of its Western Australia operations to 353 million tons a year by mid-2015 remained on track. But RIO said copper, coking coal and thermal coal production is now expected to fall short of its prior guidance.

U.S.-listed issues of rival miners BHP Biliton ( BHP ) and Vale SA ( VALE ) were fractionally higher in mid-day trading.



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: BHP , RIO , VALE

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