Brazilian Stock Movers: Banco do Brasil, Petrobras and Renova
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of 12:28 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index fell 2.4 percent to 54,095.61.
Petrobras (PETR4) (PETR4 BS) fell 6.7 percent to 18.24 reais, the most since Feb. 10. The state-run oil company tumbled after after announcing a fuel price increase that was below some analysts’ estimates.
Banco do Brasil SA (BBAS3 BS), fell 2.6 percent to 19.37 reais. Chief Executive Office Aldemir Bendine told O Globo that the bank sees lending expanding by almost 20 percent this year after it cut the interest rates it charges to customers.
Mineracao e Metalicos SA (MMXM3 BS), fell 2.3 percent to 6.77 reais. The board of the mining company controlled by Brazilian billionaire Eike Batista approved the sale of as much as 300 million reais ($145 million) of bonds, according to a regulatory filing after the market closed on June 22.
Renova Energia SA (RNEW11) (RNEW11 BS) fell 0.9 percent to 30.50 reais after erasing an earlier gain of as much as 1.4 percent. BNDES Participacoes SA, a unit of Brazil’s development bank, agreed to buy at least 250 million reais of the company’s shares in a planned capital increase of as much as 314.7 million reais, according to a regulatory filing after the close of trading on June 22.
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