Cesp Declines in Sao Paulo After Quarterly Sales Trail Estimates
Shares dropped 0.7 percent to 19.61 reais at 2:53 p.m. in Sao Paulo after earlier sliding as much as 1.6 percent to 19.42 reais, the lowest intraday price since March 20. The benchmark Bovespa index retreated 0.6 percent.
Cesp, as the electrical utility is known, said in a regulatory filing on March 22 after the market closed that sales rose 1.2 percent in the fourth quarter to 805.2 million reais from a year earlier. That compares with an average estimate of 851.6 million reais of seven analysts surveyed by Bloomberg.
Shares gained 1.8 percent this year through March 22 while the Bovespa declined 9.4 percent during the same period.
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