Brazilian Stock Movers: ALL Logistica, B2W, Petrobras and Tim
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 tumbled 2.7 percent to 54,998.41 reais.
ALL America Latina Logistica SA (ALLL3) (ALLL3 BS) slid 1.7 percent to 8.85 reais, declining for a second day. Latin America’s largest railroad company was cut to “market perform” from “outperform” by analysts at Raymond James Financial Inc. on Sept. 2.
B2W Cia. Global do Varejo (BTOW3 BS) dropped 4.7 percent to 15.30 reais. Brazil’s largest online retailer is struggling to boost sales because its logistics system hasn’t been able to keep up with rising demand in the country, resulting in delayed deliveries, according to Sandra Peres, an analyst at Sao Paulo- based brokerage Coinvalores Corretora de Valores.
Petroleo Brasileiro SA (PETR4) (PETR4 BS) fell 1.7 percent to 20.03 reais. Brazil’s state-controlled oil company followed crude prices lower. Oil in New York dropped 3.3 percent amid speculation slowing economic growth in the U.S. and China will crimp fuel consumption in the world’s two biggest oil consumers.
Tim Participacoes SA (TCSL4) (TIMP3 BS) slumped 5.8 percent to 8.90 reais. Controlling shareholder Telecom Italia SpA may sell part of its stake in Tim to raise between 2 billion reais ($1.2 billion) and 3 billion reais, newspaper Valor Economico reported, without saying where it got the information. Tim denied the report in a regulatory filing today.
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