Brazil Stock Movers: Oi, Rossi Residencial, 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 lost 0.6 percent to 64,510.97.
Oi SA (BRTO4) (BRTO4 BS) fell 3.4 percent to 9.77 reais. The company formerly known as Brasil Telecom SA (BRTO4) reported an 80 percent drop in fourth-quarter profit as expenses increased due to a restructuring.
Rossi Residencial SA (RSID3) (RSID3 BS) declined 3.3 percent to 9.86 reais. The homebuilder was downgraded to the equivalent of hold by analysts at Banco BTG Pactual SA including Marcello Milman, who cited lower expectations for earnings.
Vale SA (VALE5) (VALE5 BS) rose 1.1 percent to 41.46 reais. Metal prices (CMDIBAS3) gained and Flow Corretora de Mercadorias said investors “may be overreacting” to the risk that Vale, the world’s largest iron-ore producer, will have to pay back taxes.
To contact the reporter on this story: Zachary Tracer in New York at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos in New York at email@example.com