Brazilian Stock Movers: Brookfield, Fibria Celulose and JBS
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of the close in Sao Paulo. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index dropped 3.2 percent to 57,539.61.
Brookfield Incorporacoes SA (BISA3) (BISA3 BS) lost 15 percent to 4.18 reais, the lowest since July 2009. Brazil’s fourth-largest homebuilder by revenue reported that first-quarter profit declined 94 percent to 4 million reais ($2.01 million) on higher building costs and contract cancellations.
Fibria Celulose SA (FIBR3) (FIBR3 BS) fell 1.9 percent to 14.17 reais. The world’s largest pulp declined to its lowest closing price this year after reporting a net loss of 11 million reais in the first quarter as prices for the paper-making material declined.
JBS SA (JBSS3) (JBSS3 BS) dropped 1.9 percent to 7.12 reais. Itau BBA SA began coverage of the meatpacker, rating the stock outperform, the equivalent of a buy. Poultry operations in the U.S. and beef operations in Brazil are expected to be strong, analyst Alexandre Ruiz Miguel wrote in a report to clients.
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