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Gold Miners Keeping Lid On Latin American Markets; Embraer Grounded Despite New Jet Orders

By: MT Newswires
Posted: 11/14/2012 12:58:00 PM
Referenced Stocks: BVN;ERJ

Plunging gold stocks are driving the Latin American markets lower with shares of Compania de Minas Buenaventura SA ( BVN ) down more than 4% and nearer year lows following disappointing earnings reports in recent days by industry majors Barrick Gold (ABX, ABX.TO) and Iamgold (IAG, IMG.TO). Shares of energy and financial companies also are lower.

Here's where the regional markets stand today:

- Ibovespa down 1,288.38 (-2.22%) to 56,197.7.

- IPC (Mexico City) down 152 (-0.4%) to 40,925.

- Santiago Index IPSA down 19.56 (-0.5%) to 4,187.55.

- Merval Buenos Aires down 14.97 (-0.6%) to 2,339.08.

In company news, ADRs of Embraer SA ( ERJ ) are down 0.8% this afternoon, with the Brazilian aircraft-maker seeing little lift today despite booking a firm order from Azerbaijan Airlines for four new E-jets worth a combined $181 million. The carrier also ordered two used jetliners through EJR's leasing unit.