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 (
) 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. (
) 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.