Latin American stocks are mostly higher, rebounding following
several days of recent declines. Brazil's Ibovespa Index is the
lone laggard today, but it has cut its losses in almost half in the
last short while. It has been dragged under by a 12% slide for
shares of Cia Energetica de Minas Gerais (
) after the power company was cut to Hold from Buy by analysts at
- Ibovespa was down 133.32. Now down 83.46 (-0.15%) to
- IPC (Mexico City) up 140.7 (+0.3%) to 42,203.5.
- Santiago Index IPSA up 12.03 (+0.28%) to 4,440.88.
- Merval Buenos Aires up 47.6 (+1.39%) to 3,466.88.
In other ADS news, U.S.-listed shares of Ecopetrol SA (
) are now slightly lower, backing away from an earlier run to
$54.40 after the company said it has proved the presence of heavy
crude oil at its Pastinaca 1 exploratory well in Columbia. It said
initial tests using an electro-submersible artificial lift yielded
an average of 202 barrels of oil per day, with more more than 1,448
barrels of oil recovered to date. EC plans more exploratory work on
the CPO-10 block in coming months.
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