Suzano Climbs Most in a Month After Smaller-Than-Forecast Loss
Suzano Papel & Celulose SA, Brazil’s second-biggest pulp producer, climbed the most in a month after reporting a smaller-than-forecast loss in the second quarter.
The shares rose 3.5 percent to 8.18 reais at 3:47 p.m. in Sao Paulo, the biggest gain since July 11. It was the best performer on the MSCI Brazil Materials Index, which lost 1.4 percent.
The second-quarter adjusted net loss was 247.5 million reais ($107.1 million), the Salvador, Bahia-based company said in a regulatory filing today. The average estimate of eight analysts surveyed by Bloomberg was a loss of 316.4 million reais.
“The results were better than expected with significant improvement in margins, beating our forecasts” Catarina Pedrosa, an analyst at BES Securities, wrote in a note to clients today.
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