The Latin American markets are lower in late Friday trading on
weak investor sentiment based on U.S. earnings and European Union
leaders failing to discuss further aid for Spain during their
two-day summit in Brussels this week.
French President Francois Hollande said leaders didn't discuss
additional assistance for Spain, according to a Bloomberg
Resource stocks are mostly lower although a handful of gold
miners have been showing modest strength in recent trading.
Financial stocks also are broadly lower along with shares of
technology companies after sector titans Google (
) and Miscrosoft (
) turned in disappointing earnings yesterday.
Here's where the regional markets stand today:
- Ibovespa down 794.53 (-1.33%) to 58,939.37.
- IPC (Mexico City) down 247.32 (-0.58%) to 42,345.46.
- Santiago Index IPSA down 57.33 (-1.3%) to 4,264.81.
- Merval Buenos Aires down 32.50 (-1.3%) to 2,423.43.
In ADR news, Cemex (
) is down about 2.8% this afternoon with Mexico's top cement maker
today disclosing plans to list about 24% of its Cemex Latam
Holdings unit on the Colombian stock market as part of efforts to
raise cash and ease the company's debtload.
Cemex Latam Holdings, which includes CX's cement and ready-mix
assets in Colombia, Panama, Costa Rica, Brazil, Guatemala,
Nicaragua and El Salvador, will offer an aggregate of 126.6 million
of its common shares, the company said in a statement this morning.
The move follows Columbian financial regulators late yesterday
signing off on the deal.
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