Latin American Stocks Broadly Higher After German Data Indicates Improving Investor Mood


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Latin American markets are higher today, overcoming a surprise 0.5% drop in Brazilian retail sales during December, according to government data today. Instead, traders appear to be buoyed by a new report showing German investor sentiment rising to a three-year high.

The data boosted appetite for shares of commodities firms, whose performance is often linked to global economic growth sentiment.

Energy stocks are broadly higher, including a near 7% rise for U.S.-listed shares of Braskem SA ( BAK ), the region's largest petrochemical firm, after Credit Suisse analysts raised the stock to Outperform from Neutral, citing potential tax benefits for naphtha purchases and possible import tax hikes on polypropylene.

Here's where the regional markets stand today:

- Ibovespa was up 217.95 a short while ago. Now up 199.33 (+0.35%) to 57,813.2.

- IPC (Mexico City) up 444.26 (+1%) to 44,587.

- Santiago Index IPSA up 6.45 (+0.16%) to 3,970.95.

- Merval Buenos Aires up 7.68 (+0.2%) to 3,271.68.

In company news, ADRs of Bancolombia S.A. ( CIB ) is down slightly more than 3%with the Columbian bank today announcing a deal to acquire HSBC Bank SA Panama for $2.1 billion. The acquisition includes HSBC Panama's brokerage, fiduciary services unit, banking business and its insurance company, Bancolombia said in a regulatory filing obtained by Reuters.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: BAK , CIB

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