Batista’s LLX Leads Gains in Brazil on ASCO Agreement: Rio Mover
LLX Logistica SA, the port developer of billionaire Eike Batista, led gains on the Bovespa index today after announcing an agreement with ASCO Group Ltd. to provide services at its Acu complex in Rio de Janeiro.
LLX rose 1.5 percent to 2.04 reais at 1:58 p.m. in Sao Paulo today after advancing as much as 4 percent. The stock, which traded at 40 percent of the three-month daily average volume, was the best performer on Brazil’s benchmark Bovespa index, which fell 0.5 percent.
Aberdeen, Scotland-based ASCO will provide logistics services for oil exploration and production companies at the Acu port in Rio’s state, LLX said in a statement today. Any agreement to assist in developing LLX’s port project is a plus for the stock, according to Leonardo Brito, an equity analyst at hedge fund Teorica Investimentos.
“The company is still pre-operational and depends on contracts for its future development,” he said in a telephone interview from Rio. “It’s positive.”
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