Latin American Markets Mostly Drifting Lower as Financial, Energy Stocks Drag; But Buenos Aires Higher
The Latin American markets are mostly drifting lower late Tuesday, with broad declines for financial and energy stocks. Mining stocks also are struggling, unable to take advantage of moderate gains for bullion and silver in commodities trading. Bucking the trend, the market is up in Buenos Aires.
Here's where the regional markets stand today:
- Ibovespa was down 725.35 a short while ago. Now down 716 (-1.2%) to 61,216.
- IPC (Mexico City) was down 88.69. Now 188.5 points lower to 44,444.7.
- Santiago Index IPSA down 7.65 (-0.20%) to 3,790.1.
- Merval Buenos Aires was up 12 points, now up 17.7 (+0.6%) to 3,011.
In company news, shares of Goldcorp ( GG ) are up about 1.5% on the NYSE after the miner raised its quarterly dividend by 11% and forecast a 10% rise in 2013 production over last year.
GG operates the Los Filos and El Sauzal gold mines and the Penasquito gold, silver and lead mine in Mexico as well as the Marlin gold and silver mine in Guatemala and the Alumbrera gold and copper mine in Argentina, in addition to mines in Canada and the United States.
It forecast producing about 2.55 million and 2.88 million ounces of gold this year with cash costs climbing to $700 to $750 an ounce on a co-product basis, largely due to industry-wide cost inflation and lower grades and by-product production at Penasquito.
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