Back to Main

Latin American Markets Mostly Lower; Gains for YPF Keeping Argentina's Market In The Black

By: MT Newswires
Posted: 3/12/2013 1:20:00 PM
Referenced Stocks: YPF

Latin American markets are mostly lower in late Tuesday trading, following declines in the U.S. where stocks have put the pause button on gains after a seven-day surge that brought the Dow Industrials Average to new records and the S&P 500 within 12 points of its all-time high.

Banks and other financial stocks are the biggest drags on regional trade, undercutting a rally among mining issues today. Energy stocks are mixed.

Here's where the regional markets stand today:

- Ibovespa was down 210.48. Now down 340.8 (-0.58%) to 58,204.

- IPC (Mexico City) down 159.83 (-0.36%) to 43,853.47

- Santiago Index IPSA down 19.17 (-0.42%) to 4,508.12

- Merval Buenos Aires up 17.04 (+0.51%) to 3,376.83

Among individual companies, American Depository Shares of YPF SA ( YPF ) are up about 3.6% today, helping lift Argentina's Merval index into the black after the state-controlled energy company last night said earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 21.3% last year to 18.1 bln pesos, or about $3.57 bln.

Total revenue also rose 19.5% year over year to 67.2 bln pesos ($13.25 bln), largely due to higher gasoline, diesel and fuel oil sales in its local markets. YPF last year earned about 3.9 bln pesos, or about $771 mln, in net income, down 12.2% from FY11 levels.