Latin American Markets Mostly Higher Despite Declines for Energy, Mining Stocks


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Latin American stocks are mostly higher today, even though energy and mining stocks are lower despite the underlying commodities rising for the first time in two days. Financial stocks are mixed, perhaps showing a slight bias to the upside as traders turn aside euro-zone worries after a meeting of European finance and government leaders concluded last night without any fresh signs of a Greek exit from the common currency.

Here's where the major regional market gauges stand this afternoon:

Ibovespa down 1,036.55 (-1.90%) to 53,582.92

IPC (Mexico City) up 177.94 (+0.48%) to 37,600.32

Santiago Index IPSA up 36.27 (+0.86%) to 4,237.72

Merval Buenos Aires up 7.00 (+0.31%) to 2,295.60

In company news, Spanish oil firm Repsol today confirmed a large oil and gas find off Brazil. The company, in partnership with China's Sinopec ( SHI ), Norway's Statoil ( STO ) and Brazil's Petrobras ( PRB ), said the discovery in the Campos basin could hold over 1.2 billion barrels of oil equivalent, a figure that equals more than Brazil's expected total oil output for this year.

The firms did not detail development plans but Statoil exploration chief Tim Dodson told Reuters that production was unlikely to start before 2020.

Also, General Mills Inc. ( GIS ) said today it will pay an undisclosed sum to acquire Yoki Alimentos S.A., a privately-held food company with 5,000 employees based in Sao Bernardo do Compo, Brazil.

General Mills expects the deal to close during the first half of its 2013 fiscal year, adding the acquisition will more than double its annual sales in Latin America to nearly $1 billion.

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
More Headlines for: GIS , PRB , SHI , STO

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