Brazilian Stock Movers: Cia. de Bebidas, Cosan, Klabin, Vale
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 rose 1.5 percent to 66,809.80.
Cia. de Bebidas das Americas (AMBV4 BS) gained 0.2 percent to 68.40 reais after earlier sliding as much as 0.7 percent. Latin America’s largest brewer, known as AmBev, was cut to “hold” from “buy” at Deutsche Bank AG.
Cosan SA Industria e Comercio (CSAN3 BS) advanced 1.4 percent to 31.17 reais. The company, which shares control of the world’s biggest sugar-cane processor with Royal Dutch Shell Plc, said in a regulatory filing it agreed to buy Exxon Mobil Corp.’s Comma Oil and Chemicals lubricants unit.
Klabin SA (KLBN4) (KLBN4 BS) climbed 0.7 percent to 8.60 reais. Latin America’s biggest paper maker reported fourth-quarter net income of 122 million reais ($71 million), beating an average estimate of 90.6 million reais in a Bloomberg survey of six analysts.
MMX Mineracao & Metalicos SA (MMXM3) (MMXM3 BS) added 1.5 percent to 9.78 reais, and Vale SA (VALE5) (VALE5 BS) gained 1.1 percent to 42.95 reais. Mining companies followed metals prices higher as signs of stronger growth in Chinese manufacturing bolstered the outlook for demand for raw materials.
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