(Updates share price in second paragraph.)
Oct. 19 (Bloomberg) -- Hypermarcas SA, a Brazilian maker of more than 190 different consumer goods, led gains in the benchmark Bovespa index today after Veja magazine reported the company agreed to sell two of its cleaning products brands.
Hypermarcas’s shares added 4.5 percent to 9.74 reais at the close of trade in Sao Paulo, for the biggest gain since Sept. 29. The Bovespa stock index fell 0.1 percent.
Hypermarcas agreed to sell its Assolan and Assim brands, Veja magazine columnist Lauro Jardim reported, without saying where he got the information. The company will announce the sale as soon as today, the Sao Paulo-based magazine said on its website.
“The move today reflects speculation on the sale of Assim and Assolan, which has not yet been confirmed,” Caue Pinheiro, an analyst with Sao Paulo-based SLW Corretora, said in a telephone interview. “The stock is trading at a discount, which helps attract investors.”
The Sao Paulo-based company, through its external press office Grupo Maquina, said it doesn’t comment on market rumors, according to a representative who asked not to be identified in accordance with internal policies.
Hypermarcas declined 59 percent this year through yesterday, while the Bovespa index fell 21 percent.
--With assistance from Francisco Marcelino in Sao Paulo. Editors: Brendan Walsh, Glenn J. Kalinoski
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