Brazilian Stock Movers: Cosan, OGX, Petrobras, Lojas Americanas
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 9:35 a.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 0.1 percent to 65,967.62.
Retailers gained as traders pared bets for higher borrowing costs in Brazil, boosting the outlook for companies that depend on domestic demand. Lojas Americanas SA (LAME4) (LAME4 BS) rose 1 percent to 13.68 reais. B2W Cia. Global do Varejo (BTOW3 BS) advanced 0.3 percent to 25.87 reais.
Cia. de Saneamento Basico do Estado de Sao Paulo (SBSP3 BS) rose 0.2 percent to 41.73 reais. Brazil’s biggest water utility known as Sabesp was raised to “hold” from “underperform” at Banco Santander SA.
Cosan SA Industria e Comercio (CSAN3) (CSAN3 BS) declined 1.5 percent to 25.38 reais. BP Plc agreed to buy a majority stake in Cosan’s rival Cia. Nacional de Acucar & Alcool to expand its operations in Brazil. BP will also refinance all of CNAA’s existing long-term debt, the London-based company said in a statement.
Petroleo Brasileiro SA (PETR4) (PETR4 BS) fell 1.2 percent to 27.78 reais, and OGX Petroleo & Gas Participacoes SA (OGXP3 BS) dropped 2.8 percent to 18.47 reais. Oil companies slid as crude fell below $100 a barrel in New York for the first time in more than a week after Japan’s strongest earthquake in at least a century forced refiners to shut several processing plants.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at firstname.lastname@example.org