Bloomberg News

Brazilian Stock Movers: Tele Norte Leste, Gol, Tam, Petrobras

December 28, 2011

Dec. 28 (Bloomberg) -- The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 1:45 p.m. Preferred shares are usually the most-traded class of stock.

The Bovespa Index fell 2.1 percent to 56,810.03.

Tele Norte Leste Participacoes SA (TNLP4 BS) fell 3.1 percent to 17.29 reais. The company was cut to “market perform” from “outperform” at Bradesco Corretora.

Gol Linhas Aereas Inteligentes SA (GOLL4 BS), Brazil’s second-biggest airline by market value, retreated 3.5 percent to 12.27 reais. Brazil’s civil aviation authority wants to change rules to stimulate competition and lower ticket prices, said Marcelo Guaranys, the agency’s president. Rival Tam SA (TAMM4 BS) fell 1.5 percent to 35.94 reais.

Petroleo Brasileiro SA (PETR4 BS) dropped 2.5 percent to 21.64 reais. Oil fell, ending six days of gains, as concerns eased that Iran may block shipments through the Strait of Hormuz at the mouth of the Persian Gulf.

--Editors: Brendan Walsh, Richard Richtmyer

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

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


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