BR Malls Rises Most in Two Weeks as Second-Quarter Sales Jump
BR Malls Participacoes SA (BRML3), a Brazilian shopping mall manager, jumped the most in two weeks after reporting sales climbed more than 20 percent in the second quarter.
Shares gained 3.8 percent to 22.10 reais at the close in Sao Paulo, the most since July 3. The benchmark Bovespa index fell 1.7 percent.
BR Malls’s sales increased to 4.6 billion reais ($2.26 billion) in the April-to-June period from 3.7 billion reais in the same period last year, according to a regulatory filing today.
“Investors expect the retail sector to slow down, but BR Malls still shows good numbers as a result of its strategy to build more shopping centers,” Sandra Peres, an analyst at brokerage Coinvalores, said by phone from Sao Paulo.
BR Malls has gained 22 percent this year, while the Bovespa declined 5.9 percent.
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