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Magnesita, Mirgor, Tenaris, Vale: Latin America Equity Preview

The following companies may have unusual price changes today in Latin American trading. Stock symbols are in parentheses and share prices reflect the previous close.

The MSCI Latin America Index fell 1.8 percent to 3,861.06. In Brazil, preferred shares usually are the most-traded class of stock.


Mirgor Sacifia (MIRG AF): Argentine automobile production rose 53 percent to 57,120 units in April from a year earlier, the country’s Automakers Association said. Sales in the domestic market gained 26 percent, the association said in an e-mailed statement. Mirgor, which makes climate-control systems for vehicles, dropped 3.2 percent to 76 pesos.

Tenaris SA (TS AF): The world’s largest supplier of seamless steel pipes for oil and gas extraction said first-quarter profit fell 40 percent on lower prices. Net income dropped to $219.5 million, or 37 cents per American depositary share, from $366 million, or 62 cents, in the year-earlier period, the company based in Luxembourg said in a Marketwire statement. Tenaris fell 0.6 percent to 75.25 pesos.


EDP - Energias do Brasil SA (ENBR3 BS): The Brazilian unit of Portugal’s largest power company said its first-quarter net profit increased 18 percent to 138.5 million reais from 117.3 million reais in the same period last year. EDP Brasil climbed 3.1 percent to 34.20 reais.

Magnesita Refratarios SA (MAGG3 BS): The maker of specialty tiles used in steel-making furnaces approved a plan to list depositary receipts in the U.S., according to a regulatory filing. Magnesita Refratarios fell 1.3 percent to 11.81 reais.

Vale SA (VALE5 BS): The world’s largest iron-ore producer said first-quarter profit gained 18 percent because of surging demand for the steelmaking raw material. Net income rose to $1.6 billion, or 30 cents a share, from $1.36 billion, or 26 cents in the year earlier period, Rio de Janeiro-based Vale said in a regulatory filing. The company was expected to earn 32 cents a share on an adjusted basis, the average of 12 analysts in a Bloomberg survey. Vale rose 2.4 percent to 44.20 reais.


Grupo Aeroportuario del Pacifico SAB (GAPB MM): Mexico’s largest non-government airport operator said terminal passengers fell 0.9 percent in April from the same month last year. Grupo Aeroportuario slid 2.6 percent to 41.9 pesos.

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