Latin American Markets Mostly Higher; GOL Linhas Grounded After Reversing Year-Ago Q4 Profit

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Latin American markets are mostly higher today, carried along by rising optimism throughout global markets that Cyprus, and by extension Europea as a whole will eventually get their economic houses in order. Some strong economic data out of the States also augured well for the economy there, boosting sentiment some more.

Even the Merval index for Argentine stocks has turned positive, albeit currently trading little changed. There has been a 3% decline on the NYSE for ADRs of Petrobras Argentina SA ( PZE ), the Argentine affiliate of the Brazilian energy giant, and a 0.7% slide for ADRs of BBVA Banco Franc ( BFR ).

Here's where the regional markets stand today:

- Ibovespa was up 569.29 a short while ago. Now up 456.80 (+0.8%) to 55,329.92.

- IPC (Mexico City) up 480.78 (+1.1%) to 43,381.61.

- Santiago Index IPSA up 33.90 (+0.77%) to 4,4439.91.

- Merval Buenos Aires was down 0.21. Now up 6.77 (+0.2%) to 3,411.7.

In individual company news, U.S.-listed shares of GOL Linhas A ( GOL ) are fluctuating, now slightly higher after the discount airline late yesterday reported a Q4 net loss of 447 reais ($222 mln), reversing a 54 mln reais ($27 mln) profit during the same quarter last year. Looking forward, GOL said it expects to report an operating profit in Q1, with plans to reduce its flight schedule by between 8% to 10% during the first half of the year compared with year-ago levels.



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: BFR , GOL , PZE

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