Brazil Stocks Sink as Cielo, Redecard Tumble; Real Advances
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Brazil’s Bovespa stock index retreated for a second day, erasing an earlier advance, as Vale SA fell and credit-card processors sank after Redecard SA reported earnings that missed analysts’ estimates.
Redecard SA, Brazil’s second-largest card-payment processor by market value, tumbled 5.7 percent, the most in five months. Cielo SA, Redecard’s larger competitor, dropped 1.7 percent. Vale, the world’s biggest iron ore producer, lost 1.7 percent. The Bovespa’s decline was limited by an advance in Usinas Siderurgicas de Minas Gerais SA after it said third-quarter profit rose 15 percent.