Greek bank stocks, an airline and a mining giant in Brazil and one of China’s for-profit education companies were all winners in U.S. trading Monday.
It was a very good day for equity markets in developing economies, with the iShares MSCI Emerging Markets exchange-traded fund (EEM) up nearly 1%.
The Brazilian real and the Mexican peso strengthened against the U.S. dollar, and the Turkish Lira and Indian rupee also appreciated. Oil and gold prices firmed. Some stocks on the move:
Brazilian airline GOL Linhas Aereas Inteligentes (GOL) jumped nearly 8% Monday after it reported June traffic figures and got two upgrades.
Greek bank stocks hopped, and National Bank of Greece (NBGGY) was the top-performing over-the-counter performer in U.S. trading, up 3.8%. Piraeus Bank (BPIRY) rose 2.3%. As we noted June 30, the board of National Bank of Greece approved the sale of a 75% stake in its insurance unit, valued at 718 million euros ($820.5 million) to a private equity partnership affiliated with Calamos Investments in suburban Chicago.
China’s TAL Education Group (TAL) rose 4.7%, but it’s not clear why. The top press releases on the company’s Website refer to its November 2016 ticker change from XRS, and an article from March on its brand growth, though the investor page notes that TAL reports earnings July 27. The iShares China Large-Cap ETF (FXI) rose 0.2% on the day.