Bloomberg News

Brazilian Stock Movers: Cosan, Renner, Rossi Residencial, Cyrela

February 09, 2012

Feb. 9 (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 fell 0.5 percent to 65,530.49.

Cosan SA Industria & Comercio (CSAN3 BS) gained 0.7 percent to 29.34 reais, the highest price since August 2008. Cosan, which jointly controls the world’s largest sugar-cane processor with Royal Dutch Shell Plc, said profit more than doubled in the fiscal third quarter.

Lojas Renner SA (LREN3 BS) rose 1.1 percent to 59.41 reais. Fourth-quarter sales at Brazil’s biggest publicly traded clothing retailer exceeded analysts’ estimates.

Cyrela Brazil Realty SA Empreendimentos e Participacoes (CYRE3 BS) led a decline by homebuilders after a report showed construction confidence in Brazil fell in January. Cyrela slid 3.5 percent to 17.26 reais.

Rossi Residencial SA (RSID3 BS) lost 3.4 percent to 10.28 reais and PDG Realty SA Empreendimentos & Participacoes (PDGR3 BS) fell 3.2 percent to 7.56 reais. Brazil’s construction confidence index fell 8.5 percent in January from a year earlier, the Sao-Paulo based Getulio Vargas Foundation said today. Separately, analysts at Goldman Sachs wrote in a research note today there’s “downside risk” for Brazil’s homebuilders from project delays and labor shortages.

--Editors: Glenn Kalinoski, Brendan Walsh

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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