Brazilian Stock Movers: CSN, Gerdau, OGX, Rossi, Usiminas

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 fell 0.6 percent to 66,486.49.

Companhia Siderurgica Nacional SA (CSNA3 BS), the Brazilian steelmaker known as CSN, declined 3.4 percent to 24.55 reais, its lowest price since September 2009, on mounting concern that Brazil’s central bankers will be unable to rein in inflation or stem gains in the real. Steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5) (USIM5 BS) dropped 3.7 percent to 17.82 reais, its lowest price since July 2009.

Gerdau SA (GGBR4) (GGBR4 BS), Latin America’s largest steelmaker, fell 2.4 percent to 18.91 reais as the company and its shareholders sold 68 million new common shares and may issue additional shares to raise as much as 5.5 billion reais ($3.5 billion) in the region’s biggest stock sale in almost seven months.

OGX Petroleo & Gas Participacoes SA (OGXP3 BS), the oil company controlled by billionaire Eike Batista, fell 0.8 percent to 19.15 reais after the company said it’s still analyzing results from a well in an offshore Brazilian field after finishing drilling earlier this month. The well is “not dry,” OGX’s press office said in response to speculation that the delay in reporting results was a result of not finding any oil.

Rossi Residencial SA (RSID3) (RSID3 BS) gained 1.3 percent to 14.12 reais after it said contracted sales increased 20 percent in the first quarter from a year ago. Before today, Rossi had fallen 5.8 percent this year on concern inflation will limit growth.

To contact the reporter on this story: Leon Lazaroff in New York at

To contact the editor responsible for this story: David Papadopoulos at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.