Brazilian Stock Movers: Gol Linhas, OGX Petroleo, Usiminas, Vale
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 5 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 2.3 percent to 56,017.22.
Gol Linhas Aereas Inteligentes SA (GOLL4) (GOLL4 BS), a Brazilian airline, lost 8.1 percent to 10.84 reais, after Bank of America Corp. cut its forecast for Brazil’s gross domestic product expansion. Bank of America lowered its forecast for Brazil GDP growth this year to 3.6 percent from 4.1 percent previously, and for 2012 to 4.2 percent from 4.6 percent.
OGX Petroleo & Gas Participacoes SA (OGXP3 BS), the oil company controlled by billionaire Eike Batista, retreated 4.4 percent to 12 reais as crude declined 2 percent to $91.93 a barrel on the New York Mercantile Exchange after a U.S. government report showed an increase in inventories.
Usinas Siderurgicas de Minas Gerais SA (USIM5) (USIM5 BS), Brazil’s second-largest steelmaker, declined 2 percent to 10.72 reais as Alberto Monteiro, chief financial officer of Cia. Siderurgica Nacional SA (CSNA3 BS), Brazil’s third-largest steelmaker, said it may buy more shares in its rival after building a 10 percent stake.
Vale SA (VALE3) (VALE5 BS), the world’s biggest iron-ore producer, declined 2.7 percent, the most in almost three months, to 43.61 reais as metals prices dropped on concern the global economic recovery is faltering. The Thomson Reuters/Jeffries CRB Index of 19 raw materials dropped 1.3 percent.
To contact the reporter on this story: Leon Lazaroff in New York firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos in New York at email@example.com