Bloomberg News

Brazil Stock Movers: MMX, Petroleo Brasileiro, Tam Decline

September 28, 2011

Sept. 28 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.

The Bovespa Index fell 1.2 percent to 53,270.36.

MMX Mineracao & Metalicos SA (MMXM3 BS), the iron-ore producer controlled by Brazilian billionaire Eike Batista, slid 0.9 percent to 7.42 reais while state-controlled oil company Petroleo Brasileiro SA (PETR4 BS) declined 1 percent to 19.35 reais. Crude and metals prices tumbled on concern Europe’s burgeoning debt crisis will hurt commodity demand. The Standard & Poor’s GSCI index of 24 raw materials fell 2.7 percent.

Tam SA (TAMM4 BS), Brazil’s biggest airline by passengers carried, fell 5.2 percent to 31.60 reais as Lan Airlines SA said Chile’s antitrust court overestimated the income generated by fees charged by the airline during the tribunal’s evaluation of its proposed merger. Lan said it will continue studying the measures proposed by the court this week and expects the merger to be completed in the first quarter of 2012.

--Editors: Glenn J. Kalinoski, Richard Richtmyer

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulous@bloomberg.net


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