Latin American Markets Mostly Higher Today; Electric Utility Saps Brazil's Ibovespa Index

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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 ( CIG ) after the power company was cut to Hold from Buy by analysts at Standpoint Research.

- Ibovespa was down 133.32. Now down 83.46 (-0.15%) to 56,285.

- 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 ( EC ) 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.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: CIG , EC

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