Latin American Markets Mostly Higher, Led by Gains for Vale After Miner Boosts Profit Forecast

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Latin American markets are mostly higher today, supported by a rise for mining stocks after Brazilian iron-ore miner Vale SA ( VALE ) raised its profit forecast. VALE ADRs are up more than 3% today.

Vale shares turned around after a lower open as the company late last night posted its first quarterly loss in 10 years late Wednesday, rebounding after the firm said it expects higher iron ore prices and gold production to bring

profit this year.


In contrast, we note today a 7% decline for shares of state-controlled oil company Petroleo Brasileiro SA ( PZE ), also known as Petrobras.

Here's where the regional markets stand today:

- Ibovespa was up 235.34 a short while ago. Now up 343.16 (+0.6%) to 57,627.5.

- IPC (Mexico City) was up 149.53. Now up 164.85 (+0.38%) to 43,936.

- Santiago Index IPSA up 13.93 (+0.4%) to 3,912.4.

- Merval Buenos Aires down 98.91 (-3.1%) to 3,060.

In other company news, U.S.-listed shares of Embraer SA ( ERJ ) are up about 0.25% near $34, but off a day high $34.57 - compared to a 52 week high $35.55 - after the U.S. Air Force today selected the Embraer A-29 Super Tucano for its Light Air Support program. The aircraft will be supplied in partnership with Sierra Nevada Corp (SNC) as the prime contractor, and will be used to conduct advanced flight training, aerial reconnaissance, and light air support operations.



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: ERJ , PZE , VALE

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