Brazilian Stock Movers: MRV, Tecnisa, Oi and Tim Are Active
The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses, and prices are as of 1:56 p.m. local time. Preferred shares are usually the most-traded class of stock.
The Bovespa (IBOV) Index gained 1.4 percent to 55,329.86.
MRV Engenharia (MRVE3) & Participacoes SA (MRVE3 BZ), Brazil’s second-biggest homebuilder by market capitalization, rose 3.5 percent to 10.93 reais. A close at that level would be the highest since May 14. The company said yesterday in a regulatory filing after the market closed that contracted sales slid 3 percent in the second quarter. The decline was smaller than those of its competitors.
Tecnisa SA (TCSA3) (TCSA3 BZ), Brazil’s eighth-largest homebuilder by market capitalization, fell 1.9 percent to 6.77 reais, the biggest decline on the BM&FBovespa Real Estate index. The company’s second-quarter contracted sales fell 57 percent to 235.7 million reais, according to a regulatory filing yesterday, trailing the 348.6 million reais average estimate of five analysts surveyed by Bloomberg.
Tim Participacoes SA (TIMP3) (TIMP3 BZ), Brazil’s second-biggest mobile-phone operator, slumped 8.6 percent to 8.65 reais. A close at that level would be the lowest since December. The Brazilian telecommunications regulator yesterday blocked Tim, Oi SA (OIBR4) and America Movil SAB, owner of Claro, from selling new mobile voice and data service in some states because of network failures. Oi gained 4.4 percent to 9.57 reais.
To contact the reporter on this story: Denyse Godoy in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com