Brazilian Stock Movers: CSN, Klabin, Tam Slide as Bovespa Drops
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 (IBOV) index fell 1.3 percent to 59,146.58.
Cia. Siderurgica Nacional SA (CSNA3 BS) lost 0.8 percent to 16.37 reais. The steelmaker said it may declare force majeure, a legal clause that allows companies to miss deliveries, for iron ore shipments, after rainfall curbed production at mines in southeastern Brazil.
Tam SA (TAMM4) (TAMM4 BS) fell 0.3 percent to 36.68 reais, after earlier gaining as much as 2.9 percent. Latin America’s largest airline by revenue raised the estimated savings from a merger with Lan Airlines SA by as much as 75 percent.
Klabin SA (KLBN4) (KLBN4 BS) dropped 2.6 percent to 7.95 reais. Latin America’s biggest paper maker was downgraded to “market perform” from “outperform” at Itau BBA Securities.
To contact the reporter on this story: Zachary Tracer in New York on email@example.com
To contact the editor responsible for this story: David Papadopoulos in New York at firstname.lastname@example.org