LLX Jumps as UBS Rates It Buy on Shipment Deals
LLX Logistica SA (LLXL3) rose to the highest in a month in Sao Paulo after UBS AG (UBSN) rated the logistics company owned by Brazilian billionaire Eike Batista a buy because of potential oil shipment contracts.
LLX jumped 2.9 percent to 2.52 reais today in Sao Paulo, the highest close since May 21, and is up 14 percent in the past three days.
Batista, Brazil’s richest man, plans to use LLX’s Acu port in Rio de Janeiro state as a hub to ship iron ore, steel, oil and cars produced by his companies and joint ventures to China.
The company, based in Rio, is negotiating two contracts for oil shipment services totaling 1.2 million barrels per year that will likely be announced before the end of the year, UBS analyst Marimar Torreblanca said in a report yesterday.
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