Brazilian Stock Movers: Itausa, Petrobras, Usiminas, Vale
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 3:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 0.7 percent to 70,057.20.
Itausa - Investimentos Itau SA (ITSA4 BS) fell 2.9 percent to 12.87 reais. The parent company of the country’s biggest bank led declines for financial shares on concern the government will enact further measures to restrict credit growth, according to Daniel Malheiros, a banking analyst at Spinelli Corretora brokerage in Sao Paulo.
Petroleo Brasileiro SA (PETR4 BS), Brazil’s state- controlled oil company, fell 1.4 percent to 26.73 reais. Brazil may auction oil fields in the so-called pre-salt deepwater area in the second half of the year pending Congressional approval on royalties, Energy Minister Edison Lobao said.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS), Brazil’s second-biggest steelmaker, gained 1.7 percent to 20.60 reais. Banco BTG Pactual SA raised its rating on Usiminas to “buy” from “neutral,” citing a potential decline in imports, improving domestic demand and rising global steel prices.
Vale SA (VALE5 BS), the world’s largest iron-ore producer, slipped 0.8 percent to 50.90 reais. Vale and the United Steelworkers union broke off contract talks to resolve a 17- month strike at the Voisey’s Bay nickel mine in eastern Canada, said Boyd Bussey, a spokesman for the union local 9508.
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