Brazilian Stock Movers: AES Tiete, HRT Petroleo and Vanguarda
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of 12:05 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index fell 1.3 percent to 54,327.98.
Vanguarda Agro SA (VAGR3) (VAGR3 BS), a Brazilian exporter of soybeans, corn and other crops, rallied 5.6 percent to 38 centavos on speculation that a weakening real will boost the company’s competitiveness, Erick Scott Hood, an analyst at SLW Corretora, said by phone from Sao Paulo. Brazil’s currency has weakened 7.7 percent this month against the U.S. dollar. “Prospects for the company are improving as it reduces debt and focuses on revenue,” Hood said.
AES Tiete SA (GETI3) (GETI3 BZ), a Brazilian utility, rose 1.1 percent to 24.85 reais after saying it plans to expand output by 3,000 megawatts by 2016 and invest about 1.1 billion reais ($532 million) in a natural gas power plant, according to a regulatory filing.
HRT Participacoes em Petroleo SA (HRTP3 BS) rose 1.7 percent to 305 reais after Chief Executive Officer Marcio Mello said in a conference call that the company will sell a stake in its oil blocks off the coast of Namibia in the next few months.
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