Latin American Markets Sliding With Other Global Markets; Gains for Gold Miners Limiting Losses
Latin American markets are mostly lower in late Monday trading, falling with other global exchanges due to the political and financial upheaval in Cyprus over proposed austerity measures. Shares of mining companies, and particularly gold miners, are higher today as investors pushed the price of gold above $1,600 an ounce amid the market uncertainty over Cyprus.
Financial and energy stocks are heading in the opposite direction, retreating as traders rotate into safer assets.
Here's where the regional markets stand today:
- Ibovespa was down 194.09. Now down 182 (-0.3%) to 56,687.1.
- IPC (Mexico City) down 743.47 (-1.72%) to 42,605.05.
- Santiago Index IPSA down 5.81 (-0.15%) to 4,403.7.
- Merval Buenos Aires down 28.24 (-0.81%) to 3,460.5.
Among individual stocks, U.S.-listed shares of Gafisa SA ( GFA ) are up about 3% today, rising for the first time since March 11, the day before the Brazilian homebuilder reported an $0.11 per share Q4 net loss, up from a $1.28 per share loss during the same quarter last year but lagging analyst forecasts by $0.08.
Revenue was up from $50.1 mln in the year-ago quarter to $449.5 mln.
GFA shares were off nearly 14% since March 11 through the start of today's session, falling from $4.32 a share to $3.72 a share.
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