Cetip SA - Mercados Organizados, Brazil’s largest securities clearinghouse, fell the most in five months after Barclays Plc cut its recommendation on concern slower credit growth may hurt profit.
Shares fell 3.9 percent to 32 reais at the close of trading in Sao Paulo, the biggest one-day drop since Oct. 11. The benchmark Bovespa index slid 0.5 percent.
“Prices do not seem to incorporate a scenario of a slowdown in credit growth,” Barclays’ analysts Henrique Caldeira and Roberto Attuch wrote in a note to clients today in which they lowered their rating on the stock to the equivalent of neutral. The central bank may take steps to curb consumer lending after cutting the benchmark borrowing rate, according to the analysts.
Central bank President Alexandre Tombini has lowered the overnight rate by 275 basis points, or 2.75 percentage points, since August to 9.75 percent.
Barclays now rates Cetip stock “equalweight,” meaning the company is expected to perform in line with its peers.