Bovespa Declines for Third Day as Oi Sinks After Replacing CEO
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The Bovespa index dropped for a third day as phone company Oi SA sank after naming a new chief executive officer.
Jose Mauro Mettrau Carneiro da Cunha will become Oi’s top executive as analysts estimate adjusted profit sank 33 percent last year. Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-biggest steelmaker, fell after Banco BTG Pactual SA recommended selling. CCX Carvao da Colombia SA jumped after controller Eike Batista offered to buy back the stock.