NEW YORK (AP) — A batch of stocks with exposure to Cuba rose sharply Wednesday after President Obama moved to restore diplomatic relations between the U.S. and Caribbean island after more than 50 years of hostility.
The move could re-establish economic ties between the countries for the first time since 1961, when Fidel Castro took power.
Here are some companies who saw their shares rise on the news:
— Copa Holdings: Shares rose $6.36, or 7 percent, to $94.48. Copa Airlines is one of the leading carriers in Latin America, with more than 280 daily flights from its Panama City hub. It is also one of the world's most-successful airlines with a net profit margin of 17.5 percent in its most recent quarter.
— The Herzfeld Caribbean Basin Fund: The fund jumped $1.97, or 29 percent, to $8.78. The closed-end mutual fund, with the stock ticker "CUBA," owns several companies with exposure to Cuba, including Copa Holdings and Royal Caribbean.
— Royal Caribbean, Carnival: Shares rose on speculation that an eventual opening of Cuba to U.S. tourism could be a boon for the cruise industry. Major cruise lines operate out of Miami, which is about 230 miles from Havana. Royal Caribbean rose $5.08, or 6.6 percent, to $81.84. Carnival rose $1.49, or 3.5 percent, to $44.61.
— MasTec: The utility infrastructure company jumped $1.84, or 10 percent, to $20.71. MasTec has heavy exposure to Latin America and the Caribbean.