Brasil Insurance, Cyrela, Petrobras: Brazilian Stock Movers
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index gained 1.3 percent to 71,560.93.
Brasil Insurance Participacoes e Administracao SA (BRIN3 BS) surged 27 percent to 1,720 reais. The Brazilian operator of insurance brokerages began trading today after its initial public offering last week.
Cyrela Brazil Realty SA Empreendimentos e Participacoes (CYRE3 BS) dropped 5.1 percent to 22.30 reais. Brazil’s biggest homebuilder by revenue said third-quarter contracted sales fell 37 percent to 1.03 billion reais ($604.8 million).
Petroleo Brasileiro SA (PETR4 BS) rose 2.5 percent to 26.49 reais. Brazil’s state-controlled oil company signed an $820 million, 10-year contract to supply ethanol to Toyota Tsusho Corp, according to a regulatory filing. Separately, Petrobras was added to Banco BTG Pactual SA’s “10 Stock Ideas for the Month” portfolio for the first time this year.
PDG Realty SA Empreendimentos & Participacoes (PDGR3 BS) jumped 2 percent to 21.69 reais. Argentine real-estate developer TGLT SA raised 220 million pesos ($55.6 million) in an initial public offering. The company’s founders and PDG, which held a minority stake in the company before the sale, retained control of “almost” 50 percent of the shares, according to an e-mailed statement.
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