Brazilian Stock Movers: BM&FBovespa, CSN, and Usiminas Decline
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 12:20 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa index dropped 1.4 percent to 55,934.10.
BM&FBovespa SA (BVMF3) (BVMF3 BS), the exchange operator that holds a monopoly on stock trading in Brazil, slipped 3.9 percent to 10.17 reais. Direct Edge Holdings LLC, the fourth-largest U.S. equity exchange, plans to start an electronic platform to trade Brazilian equities. The new exchange will be based in Rio de Janeiro and will start operating in the fourth quarter of 2012 depending on regulatory approval, Jersey City, New Jersey-based Direct Edge said in a statement today.
Cia. Siderurgica Nacional SA (CSNA3 BS) fell 4.7 percent to 14.85 reais while Usinas Siderurgicas de Minas Gerais SA (USIM5) (USIM5 BS) dropped 1.3 percent to 11.83 reais. CSN, Brazil’s third- biggest steelmaker, said it raised its stake in its next-largest rival, known as Usiminas. CSN now holds 20 percent of the preferred shares and 12 percent of the common shares, according to a regulatory filing.
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