Bloomberg News

Brazilian Stock Movers: Petrobras, MMX, Vale, MPX Energia

February 13, 2012

Feb. 10 (Bloomberg) -- The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 12:44 p.m. local time. Preferred shares are usually the most-traded class of stock.

The Bovespa Index fell 1.8 percent to 64,339.81.

Petroleo Brasileiro SA (PETR4 BS) fell 6.4 percent to 23.87 reais, headed for the biggest drop in six months. Fourth-quarter results reported yesterday by the state-controlled oil producer were “really disappointing,” Itau BBA analysts Paula Kovarsky and Diego Mendes wrote in a report. Petrobras, as Petroleo Brasileiro is known, said net income fell to 5.05 billion reais ($2.9 billion) from 10.6 billion reais a year earlier.

Mining companies slid as metal prices fell the most in more than a month. MMX Mineracao e Metalicos SA (MMXM3 BS) lost 2.5 percent to 8.43 reais. Vale SA (VALE5 BS), the world’s largest iron ore producer, retreated 2 percent to 42.53 reais.

MPX Energia SA (MPXE3 BS) lost 1.8 percent to 47.75 reais. The energy company controlled by billionaire Eike Batista said it’s delaying a $4 billion coal project in Colombia by more than a year amid price declines.

--Editors: Brendan Walsh, 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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