Tecnisa Gains Most Since February as Sales, Projects RiseDenyse Godoy
Brazilian homebuilder Tecnisa SA climbed the most since February after reporting a surge in sales and new projects in the second quarter.
The shares rose 4 percent to 7.85 reais at the close of trading in Sao Paulo, the biggest gain since Feb. 28. The BM&FBovespa Real Estate index advanced 1.8 percent.
Sao Paulo-based Tecnisa’s sales booked in the second quarter more than doubled to 555 million ($244.9 million) from a year earlier, while new projects increased fourfold to 554 million reais, the homebuilder said in a regulatory filing late yesterday.
“Tecnisa is starting to show an improvement in its operations,” Eduardo Silveira and Frederico Mendes, analysts at BES Securities Brazil, wrote in a note to clients today.
Tecnisa has dropped 2.6 percent this year, the second-best performance on the real estate index, which tumbled 26 percent.