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