Gafisa Rallies as Homebuilder Considers Alphaville Stake Sale
Gafisa SA (GFSA3) led gains on the benchmark Bovespa Index after the Brazilian homebuilder said it may sell a stake in its high-income subsidiary Alphaville.
Shares advanced 6.6 percent to 4.21 reais at 11:31 a.m. in Sao Paulo. A close at that level would be the highest since April 4. The Bovespa rose 0.8 percent.
Gafisa is studying strategic options for the subsidiary, including an initial public offering, the company said in a regulatory filing yesterday after the market closed.
The homebuilder has fallen 4.1 percent this year through yesterday, while the Bovespa added 2.9 percent during the same period.
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