Latin American Stocks Higher with Rising Commodity Prices


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Latin American stocks are higher today, supported by gains in commodity prices. Crude oil futures are higher this morning, with May Brent contracts up 0.81% to $123.88 a barrel in ICE Futures Europe trading and May NYMEX crude up $1 to $104.02 a barrel. Gold and other metal are higher, with June gold rising rising $12.10 to $1,684 an ounce. May copper is up 8 cents to $3.9065 a pound.

Among the Latin American indices:

- Ibovespa up 390.57 (0.61%) to 64,901.54

- IPC up 169.35 (0.43%) to 39,690.59

- Santiago Index IPSA up 4.15 (0.09%) to 4,675.43

- Merval Buenos Aires up 25.25 0.95% 2,683.99

In company news, Gafisa ( GFA ) are down nearly 5% in Monday trade after the Brazilian homebuilder reported a steep loss for 2011, struggling with delays, cancellations and cost overruns. GFA posted a 1.093 billion real ($599.13 million) net loss, down from a 416 million real profit in 2010. Looking forward, GFA is expecting between R$2.7 billion to R$3.3 billion in launches this year, reflecting a more targeted regional focus and the deliberate slowdown of the Tenda business. Gafisa should represent 50% of those starts, with Tenda accounting for about 10% and AlphaVille 40% of launches. During Q1, the Gafisa Group already launched R$400 million.

Also, farm machinery manufacturer Agco Corp. ( AGCO ) and De Lage Landen International BV, a Dutch leasing company, set up a joint venture in Turkey, the country's antitrust board said. The joint venture will be called Agco Finance Finansal Danismanlik Hizmetleri Ltd Sti, according to the AGCO website.

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

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This article appears in: Investing , Commodities
More Headlines for: AGCO , GFA

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