Latin American Markets Mixed; Oi SA ADRs Soar As Telecom Hires New CEO

By Staff,

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Latin American markets are mixed. A 1.5% decline for the Merval index tracking stocks trading on the Buenos Aires exchange represents the biggest percentage change for any one market. However, the market in Brazil is back in positive territory after losing strong early gains and being under water for most of the morning session.

Here's where the regional markets stand today:

- Ibovespa now up 40.7 points (+0.01%) to 53,985.1.

- IPC (Mexico City) was down 134.63. Now down 167.79 (-0.4%) to 40,927.

- Santiago Index IPSA up 5.12 (+0.12%) to 4,172.33.

- Merval Buenos Aires down 57.32 (-1.6%) to 3,428.65.

Resource stocks are leading the Argentine market lower, with aluminum miner Aluar Aluminio Argentino SAIC (ALUA.BA) falling over 4% while Brazilian energy giant Petroleo Brasileiro (APBR.BA,PETR3.SA,PBR), better known as PetroBras and which also trades on the Merval index, was down about 3.4%. Shares of YPF SA (YPFD.BA,YPF), the state-controlled energy company, were down about 2.4%.

In other company news, Brazilian telecom Grupo Oi (OIBR4.SA) was up as much as 19.7% today after naming former Portugal Telecom CEO Zeinal Bava as its new chief executive officer. He replaces Jose Mettrau Carneiro da Cunha, who will return to his previous position as board chairman, according to a securities filing today obtained by Reuters.

Oi SA American Depository shares ( OIBR ) currently are up 17.5%.

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: OIBR

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