CPFL Energia, Lupatech, Usiminas, Vale: Brazilian Stock Movers
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 9:15 a.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa stock index increased 2 percent to 69,075.88.
CPFL Energia SA (CPFE3 BS) rose 1.3 percent to 40.20 reais. Brazil’s largest private-sector power distributor approved the issue of 280 million reais ($164.2 million) in bonds redeemable in December 2013, according to a regulatory filing.
Lupatech SA (LUPA3 BS) surged 2.8 percent to 19.53 reais. Brazil’s biggest provider of oil equipment and services entered into a pact with Petroleo Brasileiro SA to provide technical services to the state-run oil company worth 112.2 million reais over five years, according to a regulatory filing. The contract is renewable for a further five years and begins in April 2011.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS) jumped 2.5 percent to 19.17 reais after falling for four days. Brazil’s second-biggest steelmaker headed to the largest jump in three weeks after Brazil car sales may surpass 320,000 units in November, the second-highest on record, O Estado de S. Paulo reported, without saying where it obtained the information.
Oil rose 1.7 percent, trimming the biggest decline in almost two weeks, on signs of accelerating growth in China and shrinking fuel inventories in the U.S.
Petroleo Brasileiro SA (PETR4 BS), Brazil’s state- controlled oil producer, added 2.4 percent to 25.18 reais.
Vale SA (VALE5 BS), the world’s biggest iron ore exporter, gained 1.7 percent to 48.83 reais.
To contact the editor responsible for this story: David Papadopoulos at email@example.com