Brazil Stock Movers: PDG Realty, Petrobras and Tim Were Active
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of the market close. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index rose 1.7 percent to 54,330.51.
PDG Realty SA (PDGR3 BZ), Brazil’s biggest homebuilder, rose 4.4 percent to 3.35 reais, the highest in a week. The real estate company said in a regulatory filing yesterday that its shareholders approved a proposal by Vinci Partners Investimentos Ltda. to inject 800 million reais ($393 million) into the company.
Petroleo Brasileiro SA (PETR4) (PETR4 BZ), the state-controlled oil company, rallied 5.2 percent to 19.55 reais, the most since May 21. It said in a regulatory filing yesterday that it will increase refinery diesel prices by 6 percent.
Tim Participacoes SA (TIMP3) (TIMP3 BZ), Brazil’s second-biggest cell-phone operator, rose 2 percent to 10 reais, rebounding from yesterday’s 7.5 percent drop. The stock plunged yesterday after newspaper O Estado S. Paulo reported that the company may suffer sanctions if service doesn’t improve. The reaction was “exaggerated,” Jacqueline Lison and Rodrigo Faria, analysts at Banco Fator, wrote in a note to clients dated today. Tim may face fines and the suspension of sales across Brazil next week because of network failures, a government official familiar with the plan told Bloomberg today.
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