Bloomberg News

Brazilian Stock Movers: Bradesco, Itau Fall; Bradespar, OGX Gain

January 31, 2012

Jan. 30 (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 declined 0.2 percent to 62,770.01.

Banco Bradesco SA (BBDC4 BS) fell 1.6 percent to 32.42 reais, and Itau Unibanco Holding SA (ITUB4 BS) dropped 1.7 percent to 35.50 reais. Each was cut to “neutral” from “overweight” at JPMorgan Chase & Co.

Bradespar SA (BRAP4 BS) climbed 0.9 percent to 33.90 reais. Banco Bradesco SA’s investment arm said its board approved a plan to buy back as many as 1.5 million shares during the next six months, according to a regulatory filing.

OGX Petroleo & Gas Participacoes SA (OGXP3 BS) rose 0.6 percent to 16.15 reais. The oil company controlled by billionaire Eike Batista said in a statement on its website it began procedures on Jan. 28 to produce its first oil from an offshore well in Brazil.

--Editors: Brendan Walsh, Glenn J. Kalinoski

To contact the reporter on this story: Ney Hayashi in Sao Paulo at

To contact the editor responsible for this story: David Papadopoulos in New York at

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