Copel, Gerdau, Rossi, Tam, Vale: Brazilian Stock Movers
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 10 a.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa stock index gained 1 percent to 70,236.98.
Cia Paranaense de Energia-Copel (CPLE6 BS) plunged 3 percent to 42.60 reais, the biggest intraday decline since Nov. 23. The largest electricity distributor in the southern region plans to invest 2.06 billion reais ($1.23 billion) in 2011. It will invest 1.02 billion reais in electricity generation and transmission, 933 million reais in distribution and 102 million reais in telecomunications, according to a regulatory filing.
Gerdau SA (GGBR4 BS), Latin America’s biggest steelmaker, jumped 3.4 percent to 22.05 reais, the highest level since Nov. 12. Brazilian steel companies will retain their investment-grade credit ratings, even as they face “unprecedented” levels of imports, Fitch Ratings Ltd. said yesterday in a report distributed by Business Wire.
Rossi Residencial SA (RSID3 BS) surged 3.4 percent to 15.27 reais. Brazil’s sixth-biggest homebuilder by revenue led a rally for homebuilders after the nominee for central bank chief said the country needs to create conditions for the government’s inflation target to fall, and the finance minister said Brazil will contain spending.
Tam SA (TAMM4 BS), the owner of Brazil’s biggest airline by market share, added 1.4 percent to 42.38 reais. The U.S. and Brazil reached an agreement to end restrictions on flights between the two countries in 2015, said Bruno Dalcolmo, head of international relations at Brazil’s national aviation agency, Anac.
Vale SA (VALE5 BS), the world’s biggest exporter of iron ore, climbed 1.1 percent to 50.78 reais. Iron ore imports to China, the world’s biggest consumer of the raw material, may rebound next year as Brazilian and Australian producers increase supply, according to Macquarie Group Ltd.
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