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LLX Tumbles as MSCI Removes From Some Indices on Port Spinoff

Billionaire Eike Batista
Billionaire Eike Batista, chairman and chief executive officer of MMX Mineracao e Metalicos SA, leaves the Alvorada Palace in a Kia Motors vehicle after meeting with President Luiz Inacio Lula da Silva in Brasilia. Photographer: Adriano Machado/Bloomberg

LLX Logistica SA, a Brazilian logistics company, fell the most in more than two months on speculation its removal from MSCI’s Global Standard Indices will reduce demand for the shares.

LLX, controlled by Brazilian billionaire Eike Batista, is spinning off its Sudeste port project, which will trade as PortX Operacoes Portuarias SA, according to a regulatory filing in October. The resulting drop in market value prompted MSCI to move LLX to its Global Small Cap Indices as of the close tomorrow, MSCI said in an e-mailed statement today.

“You have many funds that are restricted from owning companies that aren’t on these indices,” said Maria Tereza Azevedo, an analyst at Link Corretora in Sao Paulo.

LLX fell 3.8 percent, the most since Sept. 17, to 8.18 reais at the close of trading in Sao Paulo at 3 p.m. New York time. The stock pared an intraday plunge of as much as 6.8 percent on MSCI’s plan to include it in the Small Cap indices, Azevedo said.

“It’s not the same as being on the main indices, but it will keep giving visibility to the company,” she said.

PortX will not be added to the Global Standard Indices, MSCI said. The Sudeste port will be sold to MMX Mineracao & Metalicos SA, Batista’s mining company, according to the October filing.

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