Latin American ADRs traded higher on Thursday, led by Brazilian banking stocks in spite of a major first-quarter loss for the world's largest brokerage Merrill Lynch & Co.
The Bank of New York Latin America ADR index climbed 3.11 points to 462.21 in late afternoon trading. ADRs, or American Depository Receipts, are shares of foreign companies traded on U.S. markets.
Brazilian bank Banco Itau Holdings Financeira SA. gained 95 cents, or 3.8 percent, to $26.21.
Brasil Telecom SA gained $1.28, or 3.6 percent, to $37.30 after the Brasilia phone company hit a 52-week high of $37.77 earlier in the session.
Banco Bradesco SA added 77 cents, or 3.7 percent, to $21.62.
Among the decliners, BBVA Banco Frances SA shed 29 cents, or 4 percent, to $6.89, as Merrill Lynch said it posted a third straight quarterly loss and more than $6.5 billion in write-downs.
Compania de Telecomunicaciones de Chile SA tumbled 29 cents, or 3.3 percent, to $8.51.
And Telefonos de Mexico SA de CV lost 70 cents, or 1.9 percent, to $36.
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