BM&FBovespa, Eletrobras, Gerdau, Petrobras: Brazil Stock Movers
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa index rose 0.7 percent to 68,794.32.
BM&FBovespa SA (BVMF3 BS) gained 1.4 percent to 14.90 reais. The operator of the Sao Paulo exchange said Brazilian Depositary Receipts Level I, including Google Inc. and Apple Inc., will start trading in Sao Paulo on Oct. 5, according to an e-mailed statement.
Centrais Eletricas Brasileiras SA (ELET6 BS) fell 1.1 percent to 25.18 reais. Latin America’s largest utility received authorization to convert 4.8 billion reais ($2.79 billion) of debt owed to the government into stock. Brazilian President Luiz Inacio Lula da Silva authorized the conversion in a decree published today in the official gazette.
Gerdau SA (GGBR4 BS) declined 1.6 percent to 23.71 reais. Latin America’s largest steelmaker sold $1.25 billion of bonds that mature in 2021 to yield 5.875 percent, according to Bloomberg data.
Petroleo Brasileiro SA (PETR4 BS) gained 3.2 percent to 26.80 reais. Demand may exceed the shares on offer in the state oil company’s $78 billion stock sale, said Tim Hall, who helps manage about $750 million at Deltec Asset Management in New York.
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