Shares of U.S.-traded companies based in Latin America ticked higher on Wednesday, taking a cue from U.S. stocks after the Labor Department released a report showing that inflation grew at a slower-than-expected pace last month.
The Bank of New York Latin America ADR Index climbed 3.58 points, to 485.55. ADRs, or American Depositary Receipts, are securities that allow overseas companies to trade on U.S. markets.
Earlier Wednesday, the Labor Department said U.S. consumer prices rose 0.2 percent in April, slower than their 0.3 percent jump the month before.
However, food prices posted their biggest jump 18 years, while natural gas prices soared 4.8 percent, according to the report.
Investors trading in Latin American ADRs were buoyed by the news. Mexican industrial transportation company Grupo TMM SAB climbed 7 cents, or 4.4 percent, to $1.66.
Mexico-based Steel manufacturer Grupo Simec SA de CV added 45 cents, or 3.4 percent, to $13.78. On Wednesday, two of the world's largest steel makers, Switzerland's ThyssenKrupp AG and Luxembourg's ArcelorMittal SA, posted higher quarterly profits on robust steel demand.
Mexico's Wireless communication provider America Movil SAB de CV gained $1.77, or 3.1 percent, to $58.67.
Among the decliners, natural gas distributor MetroGAS SA fell 13 cents, or 3.9 percent, to $3.17.
Argentina's Banco Macro SA shed 36 cents to $18.92 after hitting a fresh 52-week low of $18.94 earlier in the session.
Mexico's Coca-Cola FEMSA SAB de CV, which bottles Coca-Cola beverages in Latin America, dipped 99 cents to $58.02.
The broader ADR market traded higher Wednesday. The Bank of New York Composite ADR Index rose 1.37 points to 184.91.
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