Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bradesco Rises Most in Three Weeks on Share Buyback Program

June 26 (Bloomberg) -- Banco Bradesco SA, Latin America’s second-biggest lender by market value, rose the most in three weeks after saying it renewed a program to repurchase as many 15 million shares over the next year.

The stock rose 0.9 percent to 28.26 reais at the close of trading in Sao Paulo, the biggest one-day advance since May 31. The benchmark Ibovespa added 0.6 percent.

Bradesco purchased 742,180 shares under the buyback program’s initial period over the past six months, according to a regulatory filing late yesterday. The plan, announced in December, was scheduled to expire today. The Osasco, Brazil-based bank’s shares have lost 12 percent this year.

The extension is a sign that management considers the stock cheap, Pedro Galdi, chief strategist at Sao Paulo-based brokerage SLW Corretora, said in a phone interview from Sao Paulo.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.