BR Malls, Grupo Modelo, Petrobras: Latin America Equity Preview

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

The MSCI Latin America Index rose 1.3 percent to 4,501.76. In Brazil, preferred shares usually are the most-traded class of stock.

Brazil

BR Malls Participacoes SA (BRML3 BS): Brazil’s biggest owner of shopping malls was raised to BB from BB- by Fitch Ratings. The outlook is stable, Fitch said in a statement today. BR Malls rose 2.8 percent to 14.70 reais.

Petroleo Brasileiro SA (PETR4 BS): The company’s American depositary receipts were cut to “equalweight” from “overweight” at Barclays Capital, which cited the “dilutive effects” of its recent share offering.

Separately, the National Petroleum Agency said in a posting on its website that Petrobras, as Brazilian state-controlled oil company is known, discovered oil in an offshore well in the Caratinga block of the Campos Basin. Petrobras declined 1.5 percent to 26.98 reais.

Mexico

Fomento Economico Mexicano SAB (FEMSAUBD MM): The stock was cut to “hold” from “buy” at Banco Santander SA by analysts including Luis Miranda. The brokerage also raised the rating for Coca-Cola Femsa SAB (KOFL MM) to “buy” from “hold,” according to a report today. Fomento Economico Mexicano, also known as Femsa, retreated 0.2 percent to 64.46 pesos. Coca-Cola Femsa gained 1.5 percent to 100.22 pesos.

Grupo Financiero Banorte SAB (GFNORTEO MM): Mexico’s central bank will raise its benchmark interest rate in August 2011, according to the median estimate of analysts surveyed by Citigroup Inc.’s Banamex unit. Banorte, as the Mexican bank is known, fell 0.4 percent to 49 pesos.

Grupo Modelo SAB de CV (GMODELOC MM): The beverage maker had its rating cut to “hold” from “buy” by Jose Yordan, an analyst at Deutsche Bank AG. The stock lost 0.3 percent to 70.94 pesos.

To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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