Bloomberg News

Brazilian Stock Movers: Santander Brasil, JBS, Vale, MMX

March 05, 2012

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 (IBOV) Index fell 1.2 percent to 66,964.03.

Banco Santander Brasil SA (SANB11) (SANB11 BS) fell 3.8 percent to 18.72 reais, the biggest one-day decline since Nov. 22. The Brazilian unit of Spain’s largest bank was cut to “market perform” from “outperform” by analysts including Carlos Firetti at Bradesco Corretora, according to a research note dated March 2.

JBS SA (JBSS3) (JBSS3 BS) was unchanged at 8.07 reais after earlier gaining as much as 4.6 percent. Parent holding company J&F Participacoes SA appointed former Brazilian central bank President Henrique Meirelles as chairman.

Vale SA (VALE5) (VALE5 BS) fell 2.9 percent to 42.04 reais, the biggest drop in three months. The world’s largest iron-ore producer followed metal prices lower after China reduced its economic growth target, spurring concern a slowdown may hurt demand. MMX Mineracao & Metalicos SA (MMXM3) (MMXM3 BS) lost 4.1 percent to 9.56 reais.

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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