Brazil Stock Movers: Brasil Foods, MMX Advance; BR Malls Drops
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 declined 1.6 percent to 59,679.35.
BRF Brasil Foods SA (BRFS3 BS) jumped 4 percent to 29.70 reais. Brazil’s biggest maker of TV dinners and frozen meat products was raised by Credit Suisse Group AG, Banco BTG Pactual SA and Raymond James & Associates Inc. following an antitrust ruling yesterday that was less restrictive than analysts had projected.
BR Malls Participacoes SA (BRML3) (BRML3 BS) slid 2.6 percent to 17.53 reais. Brazil’s biggest owner of shopping malls had its rating cut to “hold” from “buy” at Banco Santander SA.
MMX Mineracao & Metalicos SA (MMXM3 BS) gained 1.5 percent to 8.80 reais. The company signed an agreement to purchase and export as much as 10 million tons a year of iron-ore produced by Minerinvest Mineracao Ltda., according to a regulatory filing.
OGX Petroleo & Gas Participacoes SA (OGXP3 BS) tumbled 2.8 percent to 13.73 reais, and Petroleo Brasileiro SA (PETR4) (PETR4 BS) declined 1.9 percent to 22.95 reais. Oil companies dropped as crude prices fell after Federal Reserve Chairman Ben S. Bernanke said the Fed isn’t planning more bond-buying to stimulate economic growth in the U.S.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos in New York at email@example.com