Brazilian Stock Movers: Itau, PDG, Gafisa, MRV Are Active
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of 2:15 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index fell 1.8 percent to 54,415.47.
Itau Unibanco Holding SA (ITUB4) (ITUB4 BS), Latin America’s largest lender by market value, fell 1.5 percent to 28.80 reais. Itau formed a 1 billion-reais ($492 million) joint venture with Banco BMG SA as it seeks to increase its payroll-loan business in Brazil, according to a regulatory filing today.
PDG Realty SA Empreendimientos e Participacoes (PDGR3 BS), Brazil’s largest homebuilder by revenue, fell 5.3 percent to 3.20 reais after posting an 80 percent drop in new projects and revising its target. The company said in a regulatory filing today that new projects fell to 404 million reais in the second quarter from 2.05 billion a year earlier.
MRV Engenharia & Participacoes SA (MRVE3) (MRVE3 BS) rose 2.2 percent to 10.32 reais. The company created a unit called Urbamais Properties & Participacoes SA to develop urban areas, according to a regulatory filing.
Gafisa SA (GFSA3) (GFSA3 BS), the Brazilian homebuilder, rose 5.3 percent to 2.58 reais after announcing its deliveries in the first half of the year totaled 51 percent of its forecast for 2012.
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