Suzano Rises to 4-Week High After Smaller-Than-Forecast LossJulia Leite
Suzano Papel & Celulose SA, Brazil’s second-biggest pulp producer, climbed to a four-week high after reporting a smaller-than-forecast loss in the second quarter.
The shares rose 2.7 percent to 8.11 reais at the close of trading in Sao Paulo, the highest since July 16. The MSCI Brazil Materials Index lost 0.8 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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