Bovespa Stock Index Declines for Second Session as Oi, MMX Slump
This article is for subscribers only.
The Bovespa stock index fell for a second session as iron-ore producer MMX Mineracao & Metalicos SA and phone company Oi SA tumbled amid concern management changes may hurt their operations.
Oi, Brazil’s third-largest publicly traded phone company, was the worst performer on the gauge after Veja reported that controlling shareholders disapprove of the results achieved by Chief Executive Officer Francisco Valim. The magazine didn’t say how it obtained the information. MMX fell after announcing the second change in its top executive in the past 15 months.