The Bovespa (IBOV) Index dropped 2.3 percent to 56,237.97.
Marfrig Alimentos SA (MRFG3) (MRFG3 BS) rose 5.3 percent to 9.62 reais, the biggest gain on the Bovespa. Ricardo Florence, the investor relations director at Latin America’s third-largest meat producer, said rising beef demand is prompting the company to open this quarter three of nine factories it had shut down. The company reported yesterday that net income rose to 34.5 million reais ($17 million) in the first quarter from 23.5 million a year earlier.
OGX Petroleo e Gas Participacoes SA (OGXP3 BS), the oil company controlled by Brazilian billionaire Eike Batista, fell 7.8 percent to 12.03 reais, the lowest in seven months, after reserve estimates at its first development fell short of investors’ expectations.
Diagnosticos da America SA (DASA3 BS), known as Dasa, rose 0.9 percent to 13.95 reais, after reporting first quarter revenues rose 10 percent to 557 million reais over the same period in 2011.
MRV Engenharia (MRVE3) & Participacoes (MRVE3 BS) and PDG Realty (PDGR3) SA Empreendimentos & Participacoes (PDGR3 BS) led a plunge in Brazilian real-estate companies after reporting first-quarter profit that fell more than forecast. MRV lost 15 percent to 9.43 reais. PDG, the country’s largest homebuilder by sales, fell 9.8 percent to 3.67 reais.
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