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 (
) subsidiary following completion of the $20.4-bln deal on June
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
- 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 (
) 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 (
) and Patria for about $657 mln., sending its stock skidding nearly
13% over a two-day period ended June 10.