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Brazil Stock Movers: PDG Realty, Petrobras and Tim Were Active

July 13 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of the market close. Preferred shares are usually the most-traded class of stock.

The Bovespa Index rose 1.7 percent to 54,330.51.

PDG Realty SA (PDGR3 BZ), Brazil’s biggest homebuilder, rose 4.4 percent to 3.35 reais, the highest in a week. The real estate company said in a regulatory filing yesterday that its shareholders approved a proposal by Vinci Partners Investimentos Ltda. to inject 800 million reais ($393 million) into the company.

Petroleo Brasileiro SA (PETR4 BZ), the state-controlled oil company, rallied 5.2 percent to 19.55 reais, the most since May 21. It said in a regulatory filing yesterday that it will increase refinery diesel prices by 6 percent.

Tim Participacoes SA (TIMP3 BZ), Brazil’s second-biggest cell-phone operator, rose 2 percent to 10 reais, rebounding from yesterday’s 7.5 percent drop. The stock plunged yesterday after newspaper O Estado S. Paulo reported that the company may suffer sanctions if service doesn’t improve. The reaction was “exaggerated,” Jacqueline Lison and Rodrigo Faria, analysts at Banco Fator, wrote in a note to clients dated today. Tim may face fines and the suspension of sales across Brazil next week because of network failures, a government official familiar with the plan told Bloomberg today.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

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

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