Latin American Markets Mostly Higher; Argentina's Merval Index Extending Slump, Down 13% Since June 6

By Staff,

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Latin American markets are mostly higher, although the Merval index tracking Argentine stocks is down for the seventh time in eight sessions, falling nearly 13% over the span.

Leading Mexico's IPC index higher is beer brewer Grupo Modelo SAB de CV (GMODELOC.MX), rising 3% as the marker of Corona and other brands nears the end of its first month as an Anheuser-Busch InBev NV ( BUD ) subsidiary following completion of the $20.4-bln deal on June 4.

BUD now owns roughly 95% of GMODELOC shares following its $9.15-per-share tender offer but is maintaining its listing on the Mexico City exchange in order to accept any of the remaining shares over the next two years.

Most other consumer stocks in the IPC index are higher along with gains for shares of homebuilders and financial companies.

Here's where the regional markets stand today:

- Ibovespa was up 257.39 short time ago. Now up 183 (+0.4%) to 49,271.7.

- IPC (Mexico City) up 172 (+0.4%) to 39,721.5.

- Santiago Index IPSA up 16.99 (+0.4%) to 3,989.6.

- Merval Buenos Aires down 54.37 (-1.75%) to 3,045.98.

In other company news today, American Depository shares of Gafisa SA ( GFA ) are down nearly 3% after the Brazilian homebuilder said it plans to sell its remaining 20% stake in the Alphaville Urbanismo housing development to Construtora Tenda SA for around $115.9 bln.

GFA earlier this month sold the majority stake in the luxury housing complex to the Blackstone Group LP ( BX ) and Patria for about $657 mln., sending its stock skidding nearly 13% over a two-day period ended June 10.

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: BUD , BX , GFA

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