Brazil’s Bovespa Index Declines as Earnings Miss Estimates
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The Bovespa stock index declined for a third day, the longest losing streak since August, after Brazilian companies’ earnings fell short of estimates.
Braskem SA, Latin America’s largest petrochemicals producer, tumbled after net income declined 14 percent. OGX Petroleo & Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, tumbled the most in three weeks after unexpectedly reporting a loss. Fibria Celulose SA, the world’s largest pulp producer, fell after third-quarter profit dropped more than analysts had forecast.