Light SA (LIGT3), the power distributor serving Rio de Janeiro, rose the most in two weeks after reporting net income that beat analysts’ estimates.
Shares gained 3.3 percent to 19.30 reais at the close of trading in Sao Paulo, the biggest advance since March 7. The benchmark Bovespa index added 1.5 percent.
Fourth-quarter adjusted net income was 160 million reais ($79.3 million), according to data compiled by Bloomberg after the company reported earnings today. That compares with an average estimate of 119 million reais among seven analysts surveyed by Bloomberg.
“Energy consumption was strong in the commercial segment, which has higher margins,” Vladimir Pinto, an analyst at Bradesco BBI, Banco Bradesco SA (BBDC4)’s brokerage unit, wrote in a research note to clients today. Pinto, who has a recommendation equivalent of hold for the stock, said results were “strong.”
Light shares have dropped 28 percent in the past year, while the Bovespa (IBOV) has fallen 17 percent.
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