Brazilian Stock Movers: Banco do Brasil, Tegma Logistica, Vale
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 1.1 percent to 67,263.75.
Banco do Brasil SA (BBAS3) (BBAS3 BS) slid 2.6 percent to 28.85 reais. Latin America’s biggest bank by assets halted negotiations to buy a 10 percent stake in Chilean lender Corpbanca, Santiago-based newspaper El Mercurio reported, citing people familiar with the proposed transaction who it didn’t identify.
Tegma Gestao Logistica (TGMA3) SA (TGMA3 BS) gained 4.4 percent to 24 reais. The trucking company, which specializes in transporting cars, agreed to pay 77.2 million reais ($46.7 million) for an 80 percent stake in Direct Express Logistica Integrada SA, according to a regulatory filing.
Vale SA (VALE3) (VALE5 BS) dropped 2.9 percent to 47.63 reais, the steepest decline since Aug. 30. The Brazilian government is charging the world’s largest iron-ore producer 4 billion reais of overdue royalty payments on iron-ore exploration, newspaper Folha de S.Paulo reported, citing an unidentified government official. Bradespar SA (BRAP3) (BRAP4 BS), part of the group that controls Vale, declined 3.7 percent to 41.70 reais.
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