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Latin American Stocks Mixed; Declines for Oil, Metals Dragging on Markets
By: MT Newswires
Latin American stocks are mixed Tuesday, as positive data on U.S. home sales was overshadowed by weaker-than-expected retail sales in Mexico. Energy and material stocks are mostly lower, following declines in commodity prices.
In the U.S., existing-home sales rose a seasonally adjusted 3.4% in April and 10% year-over-year. But Mexican retail sales slowed during March, slipping 0.53% from February while rising 4.3% from year-ago levels, according to the National Statistics Institute.
Here's where the Latin American markets stand this afternoon:
- Ibovepsa down 1,120.17 (-1.98%) to 55,470.07
- IPC (Mexico City) up 66.97 (+0.18%) to 37,579.38
- Santiago Index IPSA up 40.11 (+0.95%) to 4,279.82
- Merval Buenos Aires up 51.78 (+2.36%) to 2,245.49
In company news, U.S.-listed shares of Net Communications Services ( NETC ) are up slightly more than 2% this afternoon after the telecom stock got an upgrade from TheStreet Ratings from hold to buy.
In its commentary explaining the upgrade, TheStreet said NETC is demonstrating strong revenue growth, expanding profit margins and good cash flow from operations outweighing the company's rather weak EPS growth in recent quarters.
NETC reported earnings of $0.19 per share during its December 2011 quarter, down from a $0.23 cents per share in the year-ago quarter. It blamed the decline in net income on higher tax burden.