Latin American markets are mixed in late trading Tuesday, with
Brazil's Ibovespa bouncing back from Monday's decline after the
nation's second largest bank company reported Q4 results that
disappointed traders. But the Ibovespa also appears to be again
stymied by efforts to carry the market measure much above the
60,000 mark, running into the same technical resistance it has
struggled with for nearly two weeks.
Steel-makers are helping lift the Brazilian market into positive
territory following a report by Goldman Sach analyst Marcelo Aguiar
concluding recent declines for Brazilian steel shares seemed
U.S.-listed shares of Gerdau S.A. (
) are up 2%.
Here's where the regional markets stand this afternoon:
- Ibovespa was up 114.83 a short while ago. Now up 84.5 (+0.14%)
- IPC (Mexico City) has turned positive, now up 18 (0.04%) to
- Santiago Index IPSA hasn't changed much, now down 9.3 (-0.24%)
- Merval Buenos Aires was up 55. Now up 66.5 (+2%) to
In other company news, Banco Bradesco S.A. (
) management appear to have done little to reassure investors
during a conference call this morning discussing the bank's Q4
results. U.S.-traded ADRs of the company slid 2.8% on Monday after
reporting a $0.37 a share profit, ex items, up compared to the
year-ago period but trailing analyst expectations by $0.02.
BBD also sees profit margins coming under pressure in upcoming
quarters despite an expected rise in loan volume. But during the
conference call today, CEO Luis Carlos Trabuco reportedly said BBD
has no plans to grow through M&A, instead saying "this is the
moment to intensify our focus on organic growth."
Local media have repeatedly linked Bradesco to a potential
purchase of part or all assets of Banco Santander SA (
). Both banks have denied such reports several times, according to
The stock is down today about 0.6% per ADR and is now down about
3.5% since the Q4 earnings announcement. BSBR is up about 0.4% this
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