Referenced Stocks

Latin American Markets Higher on Rise in Mining Stocks

By Midnight Trader,  August 08, 2012, 01:11:55 PM EDT

Latin American markets are mostly higher, led by gains for gold and other mining stocks.

Here's where the regional markets stand this afternoon:

- Ibovespa up 1,000 (+1.7%) to 58,725.76

- IPC (Mexico City) down 182.71 (-0.4%) to 40,887.86

- Santiago Index IPSA up 18.96 (+0.5%) to 4,171.80

- Merval Buenos Aires up 22.47 (+0.9%) to 2,474.16

In company news, U.S.-listed shares of Brazil's state-controlled oil company Petrobras ( PBR ) rallied 5% today after the country's Energy Minister Edison Lobao said an increase in local fuel prices is necessary.

Lobao said Brazil needs to raise fuel prices again, only weeks after Petrobras raised gasoline and diesel prices to curb refining losses and boost investment in domestic oil production. Lobao also said another gasoline price increase is possible this year, adding that no decision has been made yet.




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.


This article appears in: Investing, Commodities

Referenced Stocks: PBR



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