Brazilian Stock Movers: Gafisa, OGX Petroleo, QGEP, Totvs

The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 12:35 p.m. local time. Preferred shares are usually the most-traded class of stock.

The Bovespa (IBOV) Index added 1.3 percent to 63,865.36.

Gafisa SA (GFSA3) (GFSA3 BS) jumped 8 percent to 5.15 reais, for its biggest two-day advance in almost three years. Brazil’s third-biggest homebuilder by revenue received a bid from an investment fund to purchase all of its shares, according to a person familiar with the matter who asked not to be identified because the talks are private. An official at an external press relations firm representing Gafisa, who asked not to be identified in accordance with company policy, said the homebuilder doesn’t comment on market rumors.

OGX Petroleo & Gas Participacoes SA (OGXP3 BS) rose 3.7 percent to 17.17 reais. The oil company controlled by billionaire Eike Batista said it plans to drill additional wells at a recent discovery in the Santos Basin and may increase estimated reserves.

QGEP Participacoes SA (QGEP3) (QGEP3 BS) fell 3.1 percent to 13.80 reais. Brazil’s third-largest oil company by market value reported “inconclusive” results at an offshore well.

Totvs SA (TOTS3) (TOTS3 BS) gained 3.3 percent to 31.02 reais. Latin America’s biggest maker of business-management software reported net income of 169 million reais ($97.4 million) in 2011, a 23 percent increase over the prior year.

To contact the reporter on this story: Zachary Tracer in New York at

To contact the editor responsible for this story: David Papadopoulos in New York 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.