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Brazilian Stock Movers: BR Properties, Locamerica, Redecard

The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of 11:41 a.m. local time. Preferred shares are usually the most-traded class of stock.

The Bovespa (IBOV) Index rose 0.5 percent to 56,371.82

BR Properties SA (BRPR3) (BRPR3 BS), a Brazilian real estate developer and manager, advanced 2.5 percent to 23.08 reais. The company plans to sell 500 million reais ($242 million) in bonds in as many as two tranches maturing in five and seven years, according to a preliminary prospectus of the sale sent today to Brazil’s securities regulator.

Cia. de Locacao das Americas SA (LCAM3 BS) gained 1.3 percent to 7.65 reais. A close at that level would be the highest in three weeks. Bank of America Corp., Banco do Brasil SA and Itau Corretora initiated coverage of Locamerica, as the car-rental company is known, with recommendations equivalent to buy.

Redecard SA (RDCD3) (RDCD3 BS), Brazil’s second-biggest card payment processor, rose 4.6 percent to 33.15 reais after earlier gaining 6.3 percent in the steepest intraday advance since Feb. 7. The company said in a regulatory filing on June 15 after the market closed Credit Suisse Group AG (CSGN) valued its shares to be worth from 34.66 reais to 38.12 reais, in line with controller Itau Unibanco Holding SA (ITUB)’s 11.8 billion-real bid for the company.

Renova Energia SA (RNEW11) (RNEW11 BS) gained 0.1 percent to 31.49 reais. The renewable sources electricity generator said in a regulatory filing on June 15 after the market closed its board approved the issuance of 300 million reais of local bonds to qualified investors, as part of a long-term financing agreement it signed with Banco do Brasil SA. (BBAS3)

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

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

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