Ecopetrol, ICA, Mirgor, OGX, Petrobras: Latin Equity Preview

By William Freebairn and Paulo Winterstein

Sept. 4 (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 fell 1.7 percent yesterday to 3,787.65.

Argentina

Mirgor Sacifia (MIRG AF): Argentine automakers increased production 8.5 percent in August from a year earlier, the country's Automakers Association said yesterday in an e-mailed statement. Mirgor, which makes climate-control systems for vehicles, fell 0.2 percent to 170.45 pesos.

Brazil

EZ Tec Empreendimentos & Participacoes SA (EZTC3 BS): The Brazilian real-estate developer plans to repurchase as many as 2.5 million voting shares, or 6 percent of outstanding stock, over the next year. EZ Tec spent about 16.6 million reais ($9.88 million) to acquire 4.45 million shares in a previous buyback plan announced on April 15, according to a statement posted yesterday on Brazil's securities regulator Web site. Sao Paulo- based EZ Tec added 3.1 percent to 3.03 reais.

OGX Petroleo e Gas Participacoes SA (OGXP3 BS): Brazil will hold two auctions of onshore oil fields in December, Mines and Energy Minister Edison Lobao told reporters yesterday. He had said in May the auction might be delayed to 2009. OGX, the oil company controlled by Brazilian billionaire Eike Batista, was the largest winner at Brazil's oil auction last year, agreeing to pay about $1.2 billion to develop 21 offshore oil areas. Rio de Janeiro-based OGX fell 4.6 percent to 520 reais.

Petroleo Brasileiro SA (PETR4 BS): Brazil's state-controlled oil company found oil in two onshore wells in northeastern Brazil, the country's oil agency said yesterday on its Web site. The 3BRSA648RN well, part of Petrobras's BT-POT-4 block, is located in the Brazilian state of Rio Grande do Norte, and the SEAL-T-462 well is located in the state of Sergipe. Petrobras holds 70 percent of the Sergipe block. Rio de Janeiro-based Petrobras fell 1.5 percent to 32.60 reais.

Colombia

Ecopetrol SA (ECOPETL CB): Colombia's state oil company reiterated plans to start trading American depositary receipts in New York this year, La Republica reported. The ADR listing, which awaits approval by the U.S. Securities and Exchange Commission, continues to be scheduled for some time in the second half of this year, the newspaper wrote, citing Ecopetrol President Javier Gutierrez. Ecopetrol fell 0.6 percent to 2,660 pesos.

Mexico

Empresas ICA SAB (ICA* MM): Mexico's biggest construction company will improve profit margins this quarter and increase revenue 20 percent next year, Banco Santander SA said. The shares may rise to 23 pesos by the end of 2009, analyst Gonzalo Fernandez wrote in a research note e-mailed yesterday in which he reiterated his ``buy'' rating on the shares. ICA fell 1.1 percent to 47.60 pesos.

To contact the reporter on this story: William Freebairn in Mexico City at wfreebairn@bloomberg.net; Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.