Brazilian Stock Movers: Bradesco, HRT, Itau Tumble; OGX Advances

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  • Posted on January 30, 2012


    The following companies are having unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 11:48 a.m. local time. Preferred shares are usually the most-traded class of stock.

    The Bovespa (IBOV) Index declined 1.2 percent to 62,161.96.

    Banco Bradesco SA (BBDC4) (BBDC4 BS) fell 2.2 percent to 32.24 reais, and Itau Unibanco Holding SA (ITUB4) (ITUB4 BS) dropped 2 percent to 35.39 reais. Each was cut to “neutral” from “overweight” at JPMorgan Chase & Co.

    HRT Participacoes em Petroleo SA (HRTP3 BS) slid 1.7 percent to 452.30 reais. The Brazilian oil and gas company was lowered to “sell” from “buy” at UBS AG after Russia’s TNK-BP reduced its commitment to invest in a joint venture in the Amazon.

    OGX Petroleo & Gas Participacoes SA (OGXP3 BS) climbed 0.3 percent to 16.10 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.

    To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

    To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net

    Bloomberg/AC



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