Latin American Stocks Mostly Lower, Mexico Remains in the Black

By Staff,

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Latin American markets are mostly lower although the primarly measure for Mexican stocks is posting a small gain while the gauge for Chilean stocks is hovering just below its break-even mark. Financial stocks are broadly lower along with consumer and technology issues. Energy and mining stocks are mixed, including a 3% advance for Petrobras Argentina SA ( PZE ) ADRs.

Here's where the regional markets stand today:

- Ibovespa down 817.77 (-1.36%) to 59,422.02.

- IPC (Mexico City) up 80 points (+0.2%) to around 40,810.

- Santiago Index IPSA down 3.14 (-0.07%) to 4,208.47.

- Merval Buenos Aires down 36.83 (-1.5%) to 2,457.35.

In company news, oilfield services giant Transocean ( RIG ) is down for a second day after getting hit with a court order to halt drilling in Brazil.

RIG shares are down about 1.1% today after Brazilian authorities gave the company a 30-day deadline to cease operations at its nine offshore rigs in the country as litigation continues around the Frade field oil spill last year. A company rig was drilling on the field for Chevron ( CVX ) when the 3,600-barrel spill occurred last November.

Prosecutors in Brazil have seeking fines of $20 billion from each of the firms. Brazil's state-owned oil company, Pretrobras ( PBR ), has backed RIG in the dispute.

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
Referenced Stocks: CVX , PBR , PZE , RIG

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