Brazilian Stock Movers: Klabin, Marfrig Alimentos, QGEP, Vale
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 11:12 a.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) index slid 0.9 percent to 67,643.30.
Klabin SA (KLBN4) (KLBN4 BS) sank 3.9 percent to 9.28 reais. Latin America’s biggest paper maker was lowered to the equivalent of hold from buy at Banco BTG Pactual SA, which cited the stock’s “strong recent performance” in a note to clients written by analysts Edmo Chagas and Antonio Heluany. Klabin has gained 17 percent this year, following a 37 percent advance in 2011.
Marfrig Alimentos SA (MRFG3) (MRFG3 BS) dropped 3.4 percent to 11.80 reais. The beef producer ended negotiations for the sale of logistics assets to JSL SA without reaching an agreement, Marfrig said in a regulatory filing.
QGEP Participacoes SA (QGEP3) (QGEP3 BS) plunged 15 percent to 13.26 reais. The Brazilian oil and gas company reduced its estimate for potential volumes at a section of the Ilha do Macuro well in deep waters off the coast of Brazil, according to a regulatory filing yesterday. The announcement spurred Bradesco Corretora to cut its recommendation to the equivalent of hold.
Vale SA (VALE5) (VALE5 BS) rose 1.2 percent to 41.60 reais. A Brazilian court overturned an earlier ruling forcing the mining company to pay taxes on profits from overseas units, Vale said yesterday in an e-mailed statement. The latest ruling from the Superior Justice Tribunal is provisional, Vale said.
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