Brazilian Stock Movers: Tele Norte Leste, Gol, Tam, Petrobras

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 fell 2.5 percent to 56,533.76.

Tele Norte Leste Participacoes SA (TNLP4 BS) declined 2.9 percent to 17.33 reais. The company was cut to “market perform” from “outperform” at Bradesco Corretora.

Gol Linhas Aereas Inteligentes SA (GOLL4 BS), Brazil’s second-biggest airline by market value, retreated 6.4 percent to 11.91 reais. Brazil’s civil aviation authority wants to change rules to stimulate competition and lower ticket prices, said Marcelo Guaranys, the agency’s president. Rival Tam SA (TAMM4 BS) fell 2.3 percent to 35.67 reais.

Petroleo Brasileiro SA (PETR4 BS) dropped 3.5 percent to 21.43 reais. Oil fell, ending six days of gains, as concerns eased that Iran may block shipments through the Strait of Hormuz at the mouth of the Persian Gulf.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net

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.