Latin American Markets Mixed in Post-Holiday Trade; America Movil Dragging Mexican Index to Big Drop
Latin American markets are mixed today, with the Ibovespa index swinging pretty wildly between gains and losses nearing the end of a shortened session.
On the Mexican IPC index, America Movil S.A.B. de C.V. ( AMX ), Latin America's largest telecom company, is down 9% and has hit 52 week lows following its Q4 results. Also, the country's central bank governor reiterated a threat to cut interest rates as industrial output fell to its lowest in nearly four years.
Markets in Brazil and Argentina were closed through mid-day for the annual Carnival celebration.
Here's where the regional markets stand today:
- Ibovespa was down 64.10 points a short while ago. Now up 62.5 points (+0.11%) to 58,560.
- IPC (Mexico City) down 693.99 (-1.5%) to 44,182.2.
- Santiago Index IPSA up 17.3 (+0.4%) to 3,980.5.
- Merval Buenos Aires up 13.3 (+0.4%) to 3,293.3.
U.S.-listed AMX, the telecom firm owned by Carlos Slim, last night said its profit slid to 14.962 billion pesos, or about $1.16 billion, during its latest quarter, down from a 16.307 billion peso in net income in the year ago quarter and trailing analyst forecasts expecting a 24.131 billion peso gain. Also today, Bank of America Merrill Lynch downgraded the stock to Neutral from Buy.