Latin American markets are mixed today with stocks in Mexico and Brazil trending higher. Mining issues are helping support those advances as gold reverses several days of declines to climb past $1,600 a share in New York commodities trade.
A 3.2% gain for LLX Logistica SA (LLXL3.SA) after the Brazilian shipping and logistics company reported its Q4 financial results last night also is supporting Sao Paulo's Ibovespa index.
Here's where the regional markets stood in afternoon trading:
- Ibovespa up 299.74 (+0.54%) to 55,971.13
- IPC (Mexico City) up 183.05 (+0.42%) to 43,847.78
- Santiago Index IPSA down 13.90 (-0.31%) to 4,426.60
- Merval Buenos Aires down 18.05 (-0.53%) to 3,399.27
In individual company news, shares of Wal-Mart de Mexico SAB De CV (WALMEXV.MX), the Mexican subsidiary of the retailing giant ( WMT ) were up 1.7% in local trading after the parent company last night disclosed in a regulatory filing it is conducting an internal inquiry in possible violations of the Foreign Corrupt Practices Act involving some of its foreign units, including WALMEXV.MX.
WMT said it expects the investigations will result in additional costs above the $157 mln it spent on probes during FY13. It also said there likely will be more government and media scrutiny of the company as a result of the inquiries, which "could impact the perception of our role as a corporate citizen among certain audiences."
U.S.-listed shares of Companhia de Saneamento Basico do Estado de Sao Paulo ( SBS ) were down 1% to $446.87 after the company said regulators in Brazil late last week signed off on revised tariff formulas for the water and sanitation company.
A separate resolution allow SBS to pass on any tariff increases to its customers.
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