(Updates with closing prices in second paragraph.)
Dec. 13 (Bloomberg) -- Confab Industrial SA, a Brazilian maker of steel tubes, gained the most in four weeks after saying it’s close to signing a 657 million-reais ($352.5 million) contract with Petroleo Brasileiro SA.
Confab rose 2.3 percent to 3.92 reais at the close of trading in Sao Paulo, the most since Nov. 16, after earlier jumping 4.2 percent. The benchmark Bovespa index advanced 0.3 percent.
Confab said in a regulatory filing yesterday it’s in the final stages of negotiating a contract to supply Brazil’s state- owned oil company pipes and tubes for its Rota Cabiunas offshore gas pipeline.
The contract “would boost the company’s backlog with a profitable project,” Banco J. Safra SA analysts Cassio Lucin and Caroline Dalago wrote in a note to clients.
--Editors: Brendan Walsh, Richard Richtmyer
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