Latin American Markets Mixed in Post-Holiday Trade; America Movil Dragging Mexican Index to Big Drop

By
A A A

Latin American markets are mixed today, with the Ibovespa index swinging pretty wildly between gains and losses nearing the end of a shortened session.

On the Mexican IPC index, America Movil S.A.B. de C.V. ( AMX ), Latin America's largest telecom company, is down 9% and has hit 52 week lows following its Q4 results. Also, the country's central bank governor reiterated a threat to cut interest rates as industrial output fell to its lowest in nearly four years.

Markets in Brazil and Argentina were closed through mid-day for the annual Carnival celebration.


Here's where the regional markets stand today:

- Ibovespa was down 64.10 points a short while ago. Now up 62.5 points (+0.11%) to 58,560.

- IPC (Mexico City) down 693.99 (-1.5%) to 44,182.2.

- Santiago Index IPSA up 17.3 (+0.4%) to 3,980.5.

- Merval Buenos Aires up 13.3 (+0.4%) to 3,293.3.

U.S.-listed AMX, the telecom firm owned by Carlos Slim, last night said its profit slid to 14.962 billion pesos, or about $1.16 billion, during its latest quarter, down from a 16.307 billion peso in net income in the year ago quarter and trailing analyst forecasts expecting a 24.131 billion peso gain. Also today, Bank of America Merrill Lynch downgraded the stock to Neutral from Buy.



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: AMX

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Don't Pay Up to Play REITs
Don't Pay Up to Play REITs          

Stocks

Referenced

100%

Most Active by Volume

100,376,898
  • $17.62 ▲ 0.51%
83,231,837
  • $25.62 ▲ 1.91%
75,739,329
  • $111.78 ▼ 0.77%
65,297,937
  • $36.37 ▼ 1.76%
59,053,093
  • $47.66 ▲ 0.29%
53,482,350
  • $2.59 ▼ 0.38%
51,504,284
  • $7.34 ▲ 2.37%
51,434,656
  • $8.14 ▲ 6.96%
As of 12/19/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com