Brazilian Stock Movers: Gol, Vanguarda and Petrobras Were Active
The Bovespa (IBOV) Index fell 2.7 percent to 55,038.75.
Gol Linhas Aereas (GOL) SA (GOLL4 BS) fell 6.3 percent to 9.32 reais, the lowest in nine months. Banco Santander cut Brazil’s second-biggest airline to the equivalent of sell from hold, citing challenges including higher oil prices as well as “weak” demand growth for the Brazilian domestic market in 2012.
Vanguarda Agro SA (VAGR3) (VAGR3 BS) fell 7.7 percent to 36 centavos. The Brazilian agricultural company’s Maeda SA Agroindustrial unit agreed with BrasilAgro – Companhia Brasileira de Propriedades Agricolas to end their Fazenda Jatoba joint venture, according to a regulatory filing. Brasilagro paid 20 million reais ($9.64 million) for Maeda’s stake in the venture.
Petroleo Brasileiro SA (PETR4) (PETR4 BS), the state-controlled oil producer, fell 3.4 percent to 19.71 reais after Chief Financial Officer Almir Barbassa said in an interview today that a weaker local currency is hurting profit as the value of the company’s dollar-denominated debt increases and may also affect dividend payments.
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