Bloomberg News

Brazilian Stock Movers: Gafisa, Gerdau, Redecard, Cielo

February 02, 2012

Feb. 2 (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 was little changed at 64,593.10.

Gafisa SA (GFSA3 BS) jumped 5.9 percent to 5.35 reais. Brazil’s third-biggest homebuilder by revenue is reviewing an acquisition offer. Exame magazine reported on its website this week that Gafisa received an offer from Sam Zell and GP Investments Ltd. The company said in a regulatory filing today that it is assessing the offer from investors mentioned in that report.

Gerdau SA (GGBR4 BS) gained 1.4 percent to 17.65 reais. Latin America’s largest steelmaker is seeking to sell 40 percent of its mining unit for about $2.5 billion, a person familiar with the matter said yesterday. A Gerdau press official said in an e-mailed statement yesterday that the company couldn’t comment because it’s in a so-called quiet period before earnings are released.

Redecard SA (RDCD3 BS) gained 1.9 percent to 32 reais. Brazil’s second-largest card-payment processor by market value reported that adjusted net income increased 31 percent in the fourth quarter to 456.9 million reais ($266 million).

Rival Cielo SA (CIEL3 BS) advanced 3.6 percent to 53.96 reais.

--Editors: Richard Richtmyer, Glenn J. Kalinoski

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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