Bloomberg News

Brazilian Stock Movers: Petrobras Gains on New CEO; JBS Drops

January 24, 2012

Jan. 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 of trading. Preferred shares are usually the most-traded class of stock.

The Bovespa index rose 0.1 percent to 62,386.24.

JBS SA (JBSS3 BS) fell 3.3 percent to 5.82 reais. The world’s largest beef producer denied that it’s in talks to buy foodmaker Goias Verde Alimentos Ltda. Newspaper O Estado de S. Paulo reported that JBS was negotiating to buy the company.

Petroleo Brasileiro SA (PETR4 BS) rose 3.8 percent to 25.13 reais, the highest since May. Maria das Gracas Foster will replace Jose Sergio Gabrielli as chief executive officer of the world’s fifth-biggest oil producer. Foster was previously natural gas and energy chief.

Usinas Siderurgicas de Minas Gerais SA (USIM5 BS) climbed 1.7 percent to 11.67 reais, the highest in two months. Investors are betting the purchase of a stake by the Techint Group may improve management, said Rafael Weber, who helps manage about 7 billion reais ($4 billion) at Geracao Futuro Corretora in Porto Alegre, Brazil.

--Editors: Glenn J. Kalinoski, David Papadopoulos

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

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


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