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Brazilian Stock Movers: Santander, Gol, Localiza, Redecard

Feb. 3 (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 0.1 percent to 66,764.84.

Banco Panamericano SA (BPNM4 BS) fell 9.9 percent to 5.95 reais. The bank, which was bought by Banco BTG Pactual SA this week following a November bailout spurred by accounting inconsistencies, may report 4.3 billion reais ($2.6 billion) of losses, including those from alleged fraud, O Estado de S. Paulo reported, without saying where it obtained the information.

Banco Santander Brasil SA (SANB11 BS) declined 2 percent to 18.70 reais. The lender, based in Sao Paulo, said its loan portfolio expanded 4 percent in the fourth quarter from Sept. 30, according to a regulatory filing using Brazilian accounting standards. That’s below the industry’s growth of 5.6 percent, said Credit Suisse Group AG, which cut its rating on Santander shares to “underperform” from “neutral.”

Gol Linhas Aereas Inteligentes SA (GOLL4 BS) lost 1.3 percent to 23.17 reais. Brazil’s biggest airline by market value said funds managed by BlackRock Inc. reduced their stake and now own 5.2 million of Gol’s preferred shares and 1.2 million of its American depositary receipts, or about 4.8 percent of its total shares.

Localiza Rent a Car SA (RENT3 BS) slumped 4.1 percent to 24.70 reais. Latin America’s biggest car-rental company said net income rose 81 percent to 69.4 million reais ($41.6 million) in the fourth quarter from a year earlier. Analysts had estimated profit of 69.8 million reais, according to the average of four projections compiled by Bloomberg.

Redecard SA (RDCD3 BS) dropped 2.6 percent to 18.80 reais. The company said in a filing that fourth-quarter net income dropped 13 percent on rising costs and lower fees. Net income fell to 348.7 million reais from 402.5 million reais a year earlier, the Sao Paulo-based company said today in a regulatory filing. The average estimate from nine analysts surveyed by Bloomberg was for a profit of 348.1 million reais.

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

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

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