Brazilian Stock Movers: Cruzeiro do Sul, Braskem, BR Malls, OGX
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of the market close. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index fell 1.7 percent to 53,401.80.
Banco Cruzeiro do Sul SA (CZRS4 BZ), the lender that was seized by Brazil’s central bank on June 1, declined 15 percent, the most in a month, to 2 reais. Losses in the bank may amount to 2.5 billion reais ($1.2 billion) as an audit found irregularities in the bank’s loan portfolio, O Estado de S.Paulo reported on July 14, citing an audit. Cruzeiro do Sul said in a regulatory filing today it isn’t possible at the moment to estimate the amount of losses.
Braskem SA (BRKM5) (BRKM5 BZ) declined 3.1 percent to 11.65 reais. The Brazilian petrochemical company may postpone the construction of three plants worth about 1 billion reais amid a slump in the global petrochemical industry, newspaper Valor Economico reported, citing Chief Executive Officer Carlos Fadigas. Marcelo Lyra, a Braskem investor relations officer, told Bloomberg News that the company is continuing with all projects approved by the board of directors and that the plants mentioned in Valor’s story are in preliminary stages.
BR Malls Participacoes (BRML3) (BRML3 BZ), a shopping mall service provider, rose 3.8 percent to 22.10 reais, the most in almost two weeks. Sales increased to 4.6 billion reais in the second quarter from 3.7 billion reais in the same period a year ago, the company said in a regulatory filing.
OGX Petroleo e Gas Participacoes (OGXP3 BZ), billionaire Eike Batista’s oil company, lost 6.2 percent to 5.46 reais as Deutsche Bank AG cut the stock to sell from hold after the company reduced its production targets.
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