Banco do Brasil, Eletrobras, Petrobras: Latin Equity Preview

By [bn:PRSN=1] William Freebairn []

Nov. 12 (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 2.8 percent yesterday to 2,117.87.

Brazil

Banco do Brasil SA (BBAS3 BS): Brazil's largest state- controlled bank plans to exchange 2.93 million voting shares worth 81.7 million reais ($36.8 million) to take over Banco do Estado do Piaui SA, the bank controlled by the northeastern Brazilian state of Piaui. Banco do Brasil fell 1.2 percent to 14.24 reais.

Centrais Eletricas Brasileiras SA (ELET6 BS): Latin America's largest utility said it had third-quarter consolidated net income of 2.1 billion reais, or 1.87 reais a share, compared with a loss of 174.1 million reais, or 15 centavos, in the year- earlier period. Eletrobras, as the company is known, rose 9.9 percent to 24.30 reais.

Petroleo Brasileiro SA (PETR4 BS): Brazil's state-controlled oil company said third-quarter profit rose 96 percent from a year earlier to 10.9 billion reais on increasing output and higher prices for crude and refined products. Petrobras fell 0.2 percent to 23.91 reais.

Mexico

Gruma SAB (GRUMAB MM): Mexico's biggest supplier of corn flour for tortillas had its debt rating reduced two levels by Standard & Poor's Ratings Services because the company may borrow more to cover derivatives losses. S&P cut Gruma's rating to B+, four levels below investment grade, it said in a statement yesterday. Gruma fell 7 percent to 6.52 pesos.

To contact the reporters on this story: William Freebairn in Mexico City at wfreebairn@bloomberg.net.