The Ibovespa fell for a third session as OGX Petroleo e Gas Participacoes SA sank after Valor Economico reported that it missed a local bond payment.
OGX, the oil company controlled by former billionaire Eike Batista, contributed the most to the index’s decline. The drop in the stock index was limited as retailers including Cia. Hering (HGTX3) rose after a report showed Brazil’s unemployment rate unexpectedly dropped in August.
The Ibovespa slid 0.2 percent to 54,176.42 at 11:03 a.m. in Sao Paulo. Fifty stocks advanced on the gauge while 20 fell. The real climbed 0.3 percent to 2.2241 per dollar.
“OGX has been facing a lot of problems, and every time a new one comes up in the news, shares fall,” Luis Gustavo Pereira, the head strategist at Futura Corretora brokerage, said in a telephone interview from Sao Paulo.
OGX, the fourth-heaviest-weighted stock on Brazil’s benchmark stock measure, fell 8.1 percent to 34 centavos. The company missed a payment on a local bond yesterday and may miss payment on a dollar bond next week, Valor Economico reported, without saying where it got the information. An OGX press official declined to comment.
Brazil’s unemployment rate fell to 5.3 percent in August, matching the lowest level for the month, the national statistics agency reported today. Economists surveyed by Bloomberg had projected it to hold at 5.6 percent.
Hering added 2.2 percent to 34.89 reais.
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