ALL, Petrobras, Scotiabank Peru: Latin America Equity Preview
The following companies may have unusual price changes in Latin American trading. Stock symbols are in parentheses and share prices reflect the previous close.
The MSCI Latin America Index rose 0.8 percent to 4,463.58, a fourth day of gains. It fell 0.5 percent last month.
Industrial stocks: Brazilian industrial production may have climbed 1.2 percent in May from the previous month, according to the median estimate of 28 economists in a Bloomberg survey ahead of the report today.
Gerdau SA (GGBR4) (GGBR4 BS), Latin America’s largest steelmaker, gained 0.7 percent to 16.30 reais. Inepar SA Industria e Construcoes (INEP4) (INEP4 BS), the electric power equipment manufacturer, added 0.2 percent to 4.30 reais.
ALL America Latina Logistica SA (ALLL3) (ALLL3 BS): Latin America’s largest railroad company said it agreed with Ouro Verde Transporte e Locacao SA to form a new company called Ritmo Logistica SA, which will consolidate their road transportation operations. ALL will have 65 percent of the new company, while Ouro Verde will have 35 percent, according to a regulatory filing. ALL shares climbed 0.6 percent to 13.13 reais.
Cia. Brasileira de Distribuicao Grupo Pao de Acucar (PCAR4 BS): Abilio Diniz, chairman of Brazil’s biggest retailer, hired the country’s former Justice Minister Marcio Thomaz Bastos, a criminal lawyer, to “defend his interests against” Casino Guichard-Perrachon SA, according to an e-mailed statement sent by a press communications firm representing Pao de Acucar. The shares rose 1.6 percent to 72.15 reais.
Petroleo Brasileiro SA (PETR4) (PETR4 BS): Pasadena Refining System Inc., a unit of Petrobras, was starting portions of the refinery that shut down after a power outage at its plant in Pasadena, Texas, the company said in a statement yesterday. Petrobras shares climbed 1.5 percent to 23.72.
Vale SA (VALE3) (VALE5 BS): The world’s largest iron-ore producer said its board approved a plan to spend as much as $3 billion to repurchase shares. The company plans to buy as many as 84.8 million common shares and 102.2 million preferred shares within a 180-day period, according to a regulatory filing yesterday. The stock increased 0.5 percent to 44.64 reais.
Scotiabank Peru (SCOTIAC1 PE): Peruvian consumer prices may have climbed 0.15 percent in June from the previous month, according to the median forecast of 11 economists survey by Bloomberg ahead of the report today. Scotiabank Peru’s shares climbed 2.8 percent to 45.05 soles.
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