Batista Selloff Sends Bovespa to Worst Annual Start Since 1995
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The Bovespa index is posting its worst start to a year since 1995 as billionaire Eike Batista’s companies plunged, leading a tumble in commodity producers, amid concern they’re losing access to the financing they need.
Batista’s iron-ore producer MMX Mineracao & Metalicos SA and oil company OGX Petroleo & Gas Participacoes SA were the biggest losers on the gauge in the first quarter as each fell more than 47 percent. Vale SA, the world’s biggest iron-ore producer, had its biggest quarterly decline since the three months ended in June 2010 as prices for steel fell.