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Brazilian Stock Movers: Cyrela, EZ Tec, Magnesita, OGX Petroleo

Dec. 21 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 3:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.

The Bovespa Index rose 1.4 percent to 68,214.86.

Cyrela Brazil Realty SA Empreendimentos e Participacoes (CYRE3 BS) gained 6.7 percent to 19.80 reais. President-elect Dilma Rousseff is likely to increase housing initiatives including “Minha Casa, Minha Vida” (My Home, My Life), which offers cash incentives for home purchases to Brazil’s lowest-earning families, said Erick Scott Hood, an analyst at SLW Corretora in Sao Paulo.

EZ Tec Empreendimentos & Participacoes SA (EZTC3 BS) rose 3 percent to 13.31 reais. The Brazilian homebuilder was initiated with a “buy” rating at Banco Santander SA, which cited the profit outlook in a note to clients today.

Magnesita Refratarios SA (MAGG3 BS) fell 4.9 percent to 9.70 reais. The maker of specialty tiles used in steel-making furnaces plans to sell as much as 425 million reais of new shares. The company will use the proceeds from the sale to reduce debt in bank loans, according to a regulatory filing.

OGX Petroleo & Gas Participacoes SA (OGXP3 BS) declined 1.6 percent to 18.63 reais. The oil company controlled by billionaire Eike Batista said there are no commercial oil deposits in its Itagi well in the Santos Basin off Brazil’s southeastern coast. The company disclosed a report on the well in a regulatory filing today.

To contact the reporter on this story: Alexander Cuadros in Buenos Aires at acuadros@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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