Latin American Markets Mostly Higher
Latin American markets are mostly higher in late Friday trade although declines for soft-drink bottler Fomento Econ ( FMX ) and America Movil ( AMX ) are keeping a cap on the Mexican IPC Index, which has struggled in the last couple of days. Brazil's Ibovespa Index is up for a second day, carried by gains for home-builders and a rebound for banking stocks, while Argentine stocks are posting their first gains in three days.
Here's where the regional markets stand today:
- Ibovespa was up 234.20 a short while ago. Now up 279 (+0.5%) to 53,444.9.
- IPC (Mexico City) up 34.5 (+0.1%) to 42,490.3.
- Santiago Index IPSA up 13.77 (+0.3%) to 4,289.4.
- Merval Buenos Aires up 48.70 (+1.4%) to 3,462.5
In company news, U.S-listed AMX shares are off about 2% after the region's largest telecom company reported a weaker quarterly profit and Mexico's senate approved a bill to increase competition in the country's phone and television markets.
AMX earned 26.87 billion pesos ($2.18 billion) in Q1, down from 32.53 billion pesos during the same quarter last year but beating analyst forecasts looking for a quarterly gain of 24.46 billion pesos. Revenue rose less than 1% to 192.96 billion pesos.