BTG's Share Plateau Spurs Speculation Bank Is Major Stock Buyer
- Shares trade near 15 reais for more than five hours Tuesday
- `They’ll defend the price tooth and nail,' trader says
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Grupo BTG Pactual SA shares plateaued near 15 reais for more than five hours Tuesday amid speculation that the bank was stepping in to support the stock and stem a plunge sparked by the arrest of billionaire founder Andre Esteves.
The shares tumbled 15 percent Tuesday in Sao Paulo, capping a 52 percent loss since Esteves was jailed Nov. 25. While trading volume was more than four times the average of the past three months, the shares stabilized a few hours after the open, signaling to some traders that BTG was buying its own stock.