Brazil Stock Movers: Confab, Marcopolo, Sao Martinho, Telefonica
The following companies are having unusual (IBOV) price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 12:15 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index gained 0.7 percent to 57,762.02.
Confab Industrial SA (CNFB4 BS) rose 2.8 percent to 3.94 reais. The Brazilian maker of steel tubes said in a regulatory filing it is in the final stages of negotiating a 657 million reais ($357 million) contract to supply Petroleo Brasileiro SA, Brazil’s state-owned oil company, with parts for its Rota Cabiunas offshore gas pipeline.
Marcopolo SA (POMO4 BS) advanced 1 percent to 7.35 reais. Brazil’s biggest bus maker said in a regulatory filing it agreed to buy a 75 percent stake in Volgren Australia Pty. Ltd. Marcopolo will pay 52.5 million Australian dollars ($53.2 million) in advance, plus adjustments linked to Volgren’s performance over the next three years, according to the filing.
Sao Martinho SA (SMTO3 BS) added 0.3 percent to 18.65 reais. Brazil’s second-largest cane mill by market value said it plans to buy back as many as 1 million common shares in the next six months, according to a regulatory statement.
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