CCR Declines as Folha Reports Sao Paulo to Cut Road Tolls by 20%
Shares slumped 1.8 percent to 20.26 reais at 2 p.m. in Sao Paulo. It was the second-worst performance on the benchmark Bovespa index, which rose 2 percent.
Sao Paulo Governor Geraldo Alckmin may announce the reduced tolls next month, Folha reported, without saying where it got the information. CCR’s press office in an e-mailed response to questions said the company “is always willing to find solutions that benefit and improve services to clients.” It didn’t say if it plans to lower the road-use fees. Artesp, the agency that administers highway concessions, didn’t respond to a phone call seeking comment.
CCR manages the roads that connect the state capital to its second-biggest city, Campinas, and Sao Paulo to Rio de Janeiro. The shares have gained 4.4 percent this year while the Bovespa (IBOV) slumped 7.7 percent.
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