Bloomberg News

Brazil Stock Movers: PDG Realty Advances; Tam, Vale Decline

October 04, 2011

Oct. 4 (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 0.2 percent to 50,686.34.

PDG Realty SA Empreendimentos & Participacoes (PDGR3 BS) gained 4.1 percent to 6.10 reais as Brazil’s biggest homebuilder by revenue said third-quarter contracted sales rose 3.3 percent from a year earlier to 1.91 billion reais ($1 billion). That surpassed Credit Suisse Group AG’s estimate of 1.7 billion reais, according to a note to clients from analyst Guilherme Rocha.

Tam SA (TAMM4 BS) declined 3.4 percent to 26.64 reais. Lan Airlines SA will push ahead with its acquisition of the Brazilian carrier as it appeals to Chile’s Supreme Court to overturn some restrictions antitrust authorities imposed on the $2.7 billion transaction. Chile’s antitrust tribunal rejected a request by Lan Airlines SA to review route yields used by the court in determining restrictions on Lan’s planned takeover of Brazil’s Tam.

Vale SA (VALE5 BS), the world’s largest iron-ore producer, lost 1.1 percent to 37.85 reais as the Bloomberg Base Metals 3- Month Price Commodity Index slipped 0.7 percent.

--Editors: Glenn Kalinoski, Brendan Walsh

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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