Latin American Markets Little Changed to Slightly Lower; Focus on Companhia Siderurgica Nacional

By Staff,

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Latin American markets are mixed this afternoon with small declines for energy and mining stocks amid simmering worries about global growth.

Here's where the regional markets stand this afternoon:

- Ibovespa down 261.00 (-0.45%) to 57,821.92.

- IPC (Mexico City) down 107.02 (-0.3%) to 40,544.11

- Santiago Index IPSA up 3.55 (+0.08%) to 4,184.53

- Merval Buenos Aires up 20.70 (+0.9%) to 2,440.96

In company news, U.S.-listed shares of Companhia Siderurgica Nacional ( SID ) are down more than 2% and closer to year lows today after executives with the Brazilian steelmaker said they expect raw material costs to keep falling, helping the mill return to profitability in coming quarters.

The declines in coal, iron ore and other raw goods are expected to help SID to increase earnings before interest, tax, depreciation and amortization (EBITDA)in coming quarters, David Salama, the company's head of investor relations, said on a conference call to discuss Q2 financial results.

Net loss for the quarter was BRL1.048 billion ($518 million) on BRL8.0 billion ($3.95 billion) in revenues. Most analysts polled by Reuters were expecting SID to post a Q2 profit on $4.16 billion in revenues.

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

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This article appears in: Investing Commodities
Referenced Stocks: SID

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