Brazilian Stock Movers: Arezzo, Fibria, Gol Linhas, Vale, Valid
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 10:36 a.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index declined 1.7 percent to 60,493.71.
Arezzo Industria & Comercio SA (ARZZ3 BS) slipped 2.3 percent to 22.53 reais. The Brazilian footwear maker said it concluded its talks to buy Santa Lolla, a retailer of shoes and women’s accessories, without reaching an agreement, according to a regulatory filing.
Fibria Celulose SA (FIBR3) (FIBR3 BS) dropped 3.1 percent to 19.30 reais. The world’s largest pulp producer was cut to “hold” from “buy” at Deutsche Bank AG.
Gol Linhas Aereas Inteligentes SA (GOLL4) (GOLL4 BS) slipped 2.7 percent to 19.24 reais. The airline bought low-cost rival Webjet Linhas Aereas SA for 96 million reais ($61 million), according to a statement July 8. Today, Gol’s Chief Executive Officer Constantino de Oliveira Jr. said the deal isn’t likely to lead to fare increases. Speaking on a conference call, he said Gol is studying buying new planes to renew Webjet’s fleet. Gol may also sell bonds to extend Webjet’s debt after it completes the purchase, Gol’s Chief Financial Officer Leonardo Pereira said on a conference call today.
Vale SA (VALE3) (VALE5 BS) slipped 1.2 percent to 45.53 reais. The world’s largest iron-ore producer won’t boost its offer for Metorex Ltd., paving the way for a rival $1.36 billion bid from China’s Jinchuan Group Co. to win control of the African copper company.
Valid Solucoes & Servicos de Seguranca em Meios de Pagamento e Identificacao SA (VLID3 BS) rose 1 percent to 20.01 reais. The Brazilian printer of banking and financial documents was initiated with an “outperform” rating at Itau Unibanco Holding SA.
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