Brazilian Stock Movers: Hypermarcas, OGX, Petroleo Brasileiro
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.
The Bovespa Index slumped 2 percent to 51,243.62.
Hypermarcas SA (HYPE3) (HYPE3 BS) declined 3.5 percent to 8.20 reais. Brazil’s fifth-largest consumer-goods company by market value fell as traders pared bets for further interest-rate cuts, damping the outlook for domestic demand.
OGX Petroleo & Gas Participacoes SA (OGXP3 BS) gained 0.9 percent to 11.38 reais, after rising as much as 5.3 percent earlier. The oil company controlled by Brazilian billionaire Eike Batista signed a contract with Shell Western Supply and Trading Ltd. for its first two cargoes of oil produced from the Waimea field off Brazil’s coast. The contract includes 1.2 million barrels of oil, OGX said in an e-mailed statement.
Petroleo Brasileiro SA (PETR4) (PETR4 BS) slipped 2.9 percent to 18.30 reais. Net income estimates for this year and next were reduced at Bank of America Corp., which cited a “slight” reduction in average production at Brazil’s state-controlled oil company. Petrobras’s earnings estimates were reduced 5.1 percent for 2011 and 2.7 percent for 2012, according to a report published today by Frank McGann, an analyst in Buenos Aires, and Conrado Vegner in Sao Paulo.
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