Bloomberg News

Brazil Stock Movers: BR Malls Climbs; Lojas Renner, Marfrig Fall

October 31, 2011

Oct. 31 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.

The Bovespa Index dropped 2 percent to 58,338.39.

BR Malls Participacoes SA (BRML3 BS) climbed 0.3 percent to 18.55 reais. Brazil’s biggest owner of shopping malls said third-quarter net revenue rose 67 percent from a year earlier to 219.3 million reais ($129.8 million), according to an Oct. 28 statement.

Lojas Renner SA (LREN3 BS) fell 1.4 percent to 52.06 reais. Brazil’s biggest publicly traded clothing retailer was cut to “equal-weight” from “overweight” at Morgan Stanley.

Marfrig Alimentos SA (MRFG3 BS) slumped 4.5 percent to 7.45 reais. Latin America’s second-largest beef producer may have its debt ranking cut by Moody’s Investors Service if it fails to recover its operating margins, Moody’s said in a statement yesterday.

Vale SA (VALE5 BS) tumbled 2.1 percent to 40.80 reais. China, the world’s biggest iron ore buyer, has held talks with miners Vale, Rio Tinto Group and BHP Billiton Ltd. to set up a new pricing mechanism after a plunge in cash market prices, Zhang Changfu, vice chairman and secretary general of the China Iron and Steel Association, told reporters today in Beijing.

--Editors: Richard Richtmyer, Brendan Walsh

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus