Brazilian Stock Movers: CSN, International Meal, Laep, Rossi
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 9:58 a.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 0.1 percent to 66,973.77.
Cia. Siderurgica Nacional SA (CSNA3 BS), Brazil’s third- largest steelmaker, dropped 0.6 percent to 24.45 reais after it said it increased its stake in rival Usinas Siderurgicas de Minas Gerais SA (USIM5) (USIM5 BS) to 10.01 percent of common shares and 5.25 percent of preferred shares, a regulatory filing showed on April 20. Usiminas, Brazil’s second-largest steelmaker, rose 0.8 percent to 17.53 reais.
International Meal Co. Holdings SA (IMCH3 BS), the operator of restaurant chains, gained 0.9 percent to 15.34 reais after it was rated “buy” in new coverage at Banco Santander SA. The company is an “attractive vehicle” to gain exposure to Brazil’s “solid economic growth,” the “booming food service industry” and “massive investment in infrastructure,” the bank wrote in a note today.
Laep Investments Ltd. (MILK11) (MILK11 BS), the private-equity fund that controls Parmalat Brasil SA, declined 3.5 percent to 28 centavos after it said its board approved a 10-for-1 reverse share split, according to an April 20 regulatory filing. Laep shares have tumbled 32 percent since the end of March.
Rossi Residencial SA (RSID3) (RSID3 BS), Brazil’s sixth-largest homebuilder, fell 0.7 percent to 14.95 reais as the central bank raised its benchmark interest rate less than forecast by a majority of analysts survey by Bloomberg, signaling that the bank may not be finished with tightening credit.
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