Brazil Stock Movers: Grupo Pao de Acucar, Lupatech, Paranapanema
The following companies had unusual (IBOV) price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.
The Bovespa Index slid 0.6 percent to 56,331.15.
Cia. Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4 BS) sank 2.6 percent to 64.49 reais. Brazil’s biggest retailer was cut to “neutral” from “buy” at Citigroup Inc.
Lupatech SA (LUPA3 BS) advanced 3.9 percent to 4.74 reais. Hidro Jet Equipamentos Hidraulicos Ltda. offered to buy Lupatech’s Microinox-Fundicao Precisao e Usinagem Ltda. unit for 30 million reais ($16.1 million), Lupatech said in a regulatory filing yesterday.
Paranapanema SA (PMAM3 BS) gained 3.2 percent to 3.24 reais. The company’s board approved a plan to list the Brazilian copper smelter in Bovespa’s Novo Mercado, a segment of the country’s stock exchange with stricter requirements for disclosure.
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