Brazilian Stock Movers: Fibria, Petrobras, Tele Norte, Tim
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 gained 0.2 percent to 65,942.73.
Fibria Celulose SA (FIBR3) (FIBR3 BS) and Suzano Papel e Celulose SA (SUZB5 BS) dropped after Valor Economico reported that they may be preparing to sell shares. Fibria fell 5 percent to 15.33 reais and Suzano retreated 1.9 percent to 8.26 reais. Fibria said in an e-mailed statement it’s not planning a share sale. Suzano said the company doesn’t comment on market rumors, according to a separate e-mailed statement.
Petroleo Brasileiro SA (PETR4) (PETR4 BS) gained 2.3 percent to 24.48 reais. The state-run oil company said in a filing that the Tiro and Sidon areas in Brazil’s Santos basin are commercially viable. The stock was also buoyed as oil advanced for a seventh day, the longest streak of gains since January 2010.
Tele Norte Leste Participacoes SA (TNLP4) (TNLP4 BS) advanced 0.1 percent to 17.66 reais, after gaining as much as 5.3 percent earlier. Brazil’s securities regulator, CVM, rejected complaints against the telephone company’s restructuring process from minority shareholders, according to a statement yesterday.
Tim Participacoes SA (TIMP3) (TIMP3 BS) rose 2.7 percent to 10.44 reais. The Brazilian unit of Telecom Italia SpA forecast growth of more than 10 percent for sales and earnings before interest, taxes, depreciation and amortization in Brazil this year, according to a presentation made today in a conference call and sent to the country’s securities regulator.
To contact the reporter on this story: Zachary Tracer in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos in New York at firstname.lastname@example.org