Bloomberg News

Brazilian Stock Movers: BR Malls Participacoes, Lupatech, Vale

November 24, 2011

Nov. 23 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close. Preferred shares are usually the most-traded class of stock.

The Bovespa index declined 1.6 percent to 54,972.08.

BR Malls Participacoes SA (BRML3 BS) dropped 6.3 percent to 17.90 reais. Brazil’s biggest owner of shopping centers said it acquired 100 percent of the Jardim Sul mall in the city of Sao Paulo for 460 million reais ($246 million). The company also bought two pieces of land close to the shopping center for 30 million reais, according to a regulatory filing sent late yesterday.

Lupatech SA (LUPA3 BS) plunged 20 percent to 4.65 reais. Brazil’s biggest oil equipment and service provider may sell shares to raise cash and prevent a debt default, Auro Rozenbaum, an analyst at Banco Bradesco SA, wrote in a note to clients today.

Vale SA (VALE5 BS), the iron-ore producer whose top export market is China, lost 2.5 percent to 39.85 reais. A preliminary purchasing managers’ index shows China’s manufacturing may contract this month by the most since March 2009, according to HSBC Holdings Plc and Markit Economics. Sixty-two percent iron ore delivered to the Chinese port of Tianjin fell the most since Oct. 27, losing 2.9 percent to $142.40 a metric ton, according to the Steel Index Ltd.

--Editors: Marie-France Han, Glenn J. Kalinoski

To contact the reporter on this story: Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net

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


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