Brazil Stock Movers: Localiza, MMX Mineracao, Petrobras, Tim
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 1:56 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index fell 0.3 percent to 53,662.45.
Localiza Rent a Car SA (RENT3) (RENT3 BS), Latin America’s biggest car-rental company, declined 2.7 percent to 25.45 reais. Victor Mizusaki, an analyst with UBS AG, said the company’s third- quarter net income of 75.3 million reais ($43.1 million) trailed his forecast and the outlook for profit is being curbed by an economic slowdown in Brazil.
MMX Mineracao & Metalicos SA (MMXM3 BS), the iron-ore miner controlled by Brazilian billionaire Eike Batista, declined 1.8 percent to 6.99 reais.
Vale SA (VALE3) (VALE5 BS), the world’s biggest iron-ore producer, dropped 0.5 percent to 40.02 reais, and Petroleo Brasileiro SA (PETR4) (PETR4 BS), Brazil’s state-controlled oil company, lost 0.4 percent to 19.09 reais.
Tim Participacoes SA (TCSL4) (TIMP3 BS), Brazil’s second-largest wireless carrier, snapped a six-day loss after it was initiated at “overweight” in new coverage at Barclays Plc. Shares rose 2.3 percent to 8.39 reais.
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