Bloomberg News

Brazilian Stock Movers: MRV Engenharia, QGEP Participacoes, Vale

December 06, 2011

Dec. 6 (Bloomberg) -- The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 1:37 p.m. local time. Preferred shares are usually the most-traded class of stock.

The Bovespa index lost 0.3 percent to 58,717.85.

MRV Engenharia & Participacoes SA (MRVE3 BS) fell 3.9 percent to 12.25 reais. Brazil’s fifth-biggest homebuilder by revenue led declines for companies that depend on domestic demand after a report showed the economy contracted in the third quarter from the previous three months.

QGEP Participacoes SA (QGEP3 BS) rose 1.7 percent to 16.91 reais. The oil company controlled by Queiroz Galvao SA expects to start crude production in 2013, Chief Executive Officer Jose Augusto Fernandes said in Sao Paulo today. QGEP expects to produce about 6 million cubic meters a day of natural gas next year, he said.

Vale SA (VALE5 BS) slid 0.6 percent to 40.25 reais. The world’s largest iron-ore producer followed metals prices lower, with the Bloomberg Base Metals 3-Month Price Commodity Index down 0.7 percent. Separately, the Argentine government said Vale will invest 25.5 billion pesos ($6 billion) in Argentina to build the world’s biggest potassium project.

--Editors: Richard Richtmyer, Marie-France Han

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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