Embraer, Petrobras, Porto Seguro, Weg: 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 0.5 percent to 71,904.77.
Empresa Brasileira de Aeronautica SA (EMBR3 BS) rose 2.7 percent to 12.62 reais. The world’s fourth-largest aircraft maker was raised to “buy” from “underperform” at Bank of America Corp., which cited the company’s dividend yield and lower cost prospects.
Petroleo Brasileiro SA (PETR4 BS) gained 2.4 percent to 27.00 reais. Banco BTG Pactual SA reinstated coverage of Brazil’s state-controlled oil company, maintaining its previous “buy” rating and saying recent underperformance is unwarranted given the company’s exploration potential.
Porto Seguro SA (PSSA3 BS) rose 3.5 percent to 26.80 reais, a record. Brazil’s biggest insurance company by market value reported net income adjusted for non-recurring items of 190 million reais ($112 million), according to a regulatory filing today. That’s higher than the average estimate of 156 million reais in a Bloomberg survey of three analysts.
Weg SA (WEGE3 BS) dropped 1.4 percent to 22.30 reais. The Brazilian industrial-machinery maker was lowered to “hold” from “buy” at Banco Santander SA.
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