Cemex, Cesp, Ecopetrol, Petroleo Brasileiro SA: Latin Preview

By Paulo Winterstein and James Attwood

Sept. 17 (Bloomberg) -- The following companies may have unusual price changes today in Latin America trading. Stock symbols are in parentheses, and share prices are from the previous close. Preferred shares are usually the most-traded class of stock in Brazil.

The MSCI Latin America Index slipped 0.1 percent yesterday to 3,271.92. Markets in Mexico were closed yesterday for a holiday.

Brazil

Cia. Energetica de Sao Paulo (CESP6 BS): The electric utility controlled by the state of Sao Paulo had its credit rating raised one level to Ba2 because of the company's ``continued focus'' on reducing debt and improving cash flow, Moody's Investors Service wrote in a note yesterday. Cesp, whose Ba2 rating is two levels below investment grade, fell 3.1 percent to 17.50 reais.


Petroleo Brasileiro SA (PETR4 BS): Brazil's state-controlled oil company said average oil and natural-gas output increased 5.3 percent in August from a year earlier. Output in Brazil and abroad rose to 2.44 million barrels per day, Petrobras said yesterday in an e-mailed statement. In Brazil, average output climbed 4.3 percent to a record 1.89 million barrels, Petrobras said. Petrobras rose 5 percent to 31.30 reais.

Colombia

Ecopetrol SA (ECOPETL CB): An American depositary receipt listing planned by Colombia's state-controlled oil producer tomorrow may boost the company's share price, Stanford Bolsa y Banca wrote. Ecopetrol's outlook remains positive on rising production prospects, analysts at the Bogota-based brokerage wrote in a note yesterday. The stock fell 3.6 percent to 2,530 pesos.

Mexico

Cemex SA (CEMEXCP MM): American depositary receipts of the largest cement maker in the Americas jumped 5.6 percent yesterday, when Mexican markets were closed. Cemex fell 4.7 percent on Sept. 15 to 18.78 pesos.

To contact the reporters on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net; James Attwood in Santiago at jattwood3@bloomberg.net.