Latin American Markets Mostly Lower; Petroleo Brasileiro Falls 3% After Nixing Deepwater Rig Order

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Latin American markets are mostly lower today, led by shares of industrial and mining companies in decline. Energy and technology stocks also are weak while financial issues are mixed.

Here's where the regional markets stand today:

- Ibovespa down 576 (-1%) to 57,276.

- IPC (Mexico City) down 213.44 (-0.5%) to 41,877.25.

- Santiago Index IPSA up 11.52 (+0.28%) to 4144.86.

- Merval Buenos Aires has turned slightly positive, +2.04 to 2,410.21.

In company news, ADRs of Petroleo Brasileiro ( PBR ) are down 3% and nearer to 52 week lows today after the Brazilian state-owned oil company cancelled orders for new deep-water drill rigs, stating existing wells are proving efficient and adding the higher productivity means it will drill fewer wells in the pre-Salt Santos Basin.

PBR in February agreed to lease five drill ships capable of drilling in up to 3,000 meters of water from Ocean Rig Group ( ORIG ) for $548,000 a day over a 45- to 90-month period. ORIG shares are up about 0.4% this afternoon.

Earlier this week, PBR sold a stake in its Santos Basin holdings to Brazil's OGX Petroleo e Gas Participacoes for $270 million.



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: ORIG , PBR

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