Brazilian Stock Movers: BR Malls, Lojas Renner, Petrobras, Oi
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa stock index rose 0.7 percent to 66,132.86.
BR Malls Participacoes SA (BRML3) (BRML3 BS) dropped 3.2 percent to 16.56 reais. Brazil’s biggest owner of shopping malls may raise as much as 785 million reais ($498 million) in a stock offering. The company plans to sell as much as 45.9 million shares, according to a regulatory filing. They’ll be priced on May 10 and will start trading on May 12, according to the statement.
Lojas Renner SA (LREN3 BS) gained 2.8 percent to 58.05 reais, and Cia. Hering (HGTX3 BS) rose 4.5 percent to 34.05 reais. Both companies reported first-quarter earnings gains, spurring optimism the industry will sustain its growth even as the government takes steps to curb inflation, said Caue Pinheiro, an analyst at SLW Corretora in Sao Paulo.
Petroleo Brasileiro SA (PETR4) (PETR4 BS) climbed 1.1 percent to 25.60 reais. Petrobras, as the company is known, said in a regulatory filing it discovered oil in the 6-AB-119D-RJS well in the Albacora field in the Campos Basin, with estimates showing potential for 350 million barrels of high-quality recoverable oil. The company will import an additional 1 million barrels of gasoline in May, Agencia Estado reported, citing Petrobras’s head of refining, Paulo Roberto Costa.
Tele Norte Leste Participacoes SA (TNLP3) (TNLP4 BS) declined 1.5 percent to 26.27 reais. The holding company that controls Brazil’s largest fixed-line telephone carrier, known as Oi, swung to a loss in the first quarter.
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