U.S.-traded stocks based in Latin America declined on Wednesday, with Brazilian stocks taking the biggest hit, as oil prices continued to march into record territory.
The Bank of New York Latin America ADR Index fell 6.09 points, or 1.2 percent, to 501.47. ADRs or American Depositary Receipts, are securities that allow shares of foreign companies to trade on U.S. markets.
Oil on the New York Mercantile Exchange blew past $133 a barrel, continuing its recent streak of daily price records. Light, sweet crude for July delivery added $4.19 to settle at $133.17 in the largest one-day price gain since March 26.
The jump was fueled in part by a report from the U.S. energy department that crude inventories fell by more than 5 million barrels last week. Analysts had expected inventories to rise.
Brazil's Net Servicios de Comunicacao SA took the biggest hit, falling $1.07, or 7.1 percent, to $13.95 after a Merrill Lynch analyst downgraded the cable and Internet provider to "Neutral" from "Buy" in a note to investors Wednesday.
Brazilian airline GOL Linhas Aereas Inteligentes slipped 90 cents, or 5.7 percent, to $14.99. Airline shares often trade opposite the price of oil as fuel represents one of the sector's biggest costs.
Airline TAM SA, also headquartered in Brazil, lost $1.19, or 5.5 percent, to $20.44.
Energy stocks led the gainers. Argentine natural gas distributor Metrogas SA surged 53 cents, or 14.9 percent, to $4.08.
Argentina-based Transportadora de Gas del Sur rose 15 cents, or 3.6 percent, to $4.30.
Mexican steel and iron producer Grupo Simec SA de CV climbed 52 cents, or 3.5 percent, to $15.50, after hitting a fresh 52-week high of $15.82 earlier in the session.
The Bank of New York Composite ADR Index lost 2.53 points, or 1.4 percent, to 184.10.
Terms & Conditions
RSS Headlines
Fool UK