Brazilian Stock Movers: BicBanco Falls; Copel, Petrobras Advance
The following companies had unusual (IBOV) 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 rose 2.8 percent to 56,874.98.
Banco Industrial e Comercial SA (BICB4 BS) dropped 1.4 percent to 7.05 reais. The Sao Paulo-based lender known as BicBanco was cut to “sell” from “neutral” at Goldman Sachs Group Inc., which cited concern about the lender’s earnings outlook.
Cia. Paranaense de Energia (CPLE6 BS) gained 3.4 percent to 36.49 reais. The largest electricity distributor in Brazil’s southern region, known as Copel, was raised to “outperform” from “neutral” at Credit Suisse Group AG.
Helbor Empreendimentos SA (HBOR3 BS) increased 1.7 percent to 20.95 reais. The Brazilian real-estate company plans to start in 2012 projects worth 2 billion reais to 2.3 billion reais ($1.2 billion), Valor Economico reported, citing the Brazilian real estate company’s executive vice-president Henry Borenstein.
Petroleo Brasileiro SA (PETR4 BS) rose 3 percent to 22.05 reais, and QGEP Participacoes SA (QGEP3 BS) jumped 7 percent to 16.25 reais. Petrobras, as Petroleo Brasileiro is known, found “good-quality” oil in the BM-S-8 block in the Santos Basin, in Brazil’s pre-salt region, according to a regulatory filing. QGEP owns a 10 percent stake in the block, according to the filing.
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