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