NEW YORK — An index of Latin America ADRs rose in Tuesday trading after Fidel Castro's decision to resign as president of Cuba fueled speculation among investors that an embargo on trade with the U.S. could eventually come to an end under a new regime.
NEW YORK — An index of Latin America ADRs rose in Tuesday trading after Fidel Castro's decision to resign as president of Cuba fueled speculation among investors that an embargo on trade with the U.S. could eventually come to an end under a new regime.
The Bank of New York Latin America ADR Index _ which includes shares of companies based in Peru, Mexico, Brazil and more _ gained 9.45 points, or 2.3 percent, to 424.16. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Brazil's Unibanco Uniao de Bancos Brasileiros gained $4.14, or 3.3 percent, to $130.51.
Mexico's Cemex SAB de CV put on 67 cents, or 2.6 percent, to $26.69.
Chemical & Mining Co. of Chile Inc. added $3.85, or 2.3 percent, to $173.35.
Brazil's Petroleo Brasileiro increased $3.21, or 2.8 percent, to $117.66.
Companhia Siderurgica Nacional, also based in Brazil, rose $2.94, or 8.3 percent, to $38.27 after hitting an all-time high of $39.14 earlier in the session.
And Peru's Compania de Minas Buenaventura SA gained $2.33, or 3.4 percent, to $70.18.
The Bank of New York Composite ADR Index gained 2.65 points to 173 as the U.S. markets finished lower for the day.
