BM&FBovespa, CSN, Gol, Tim Participacoes: Brazil Equity Movers

By Paulo Winterstein

Dec. 3 (Bloomberg) -- The following companies are having unusual price changes in Brazil trading. Stock symbols are in parentheses, and share prices are as of 8:11 a.m. New York time. Preferred shares are usually the most-traded class of stock.

The Bovespa index dropped 1 percent to 34,635.27.

BM&FBovespa SA (BVMF3 BS) fell 1.3 percent to 4.52 reais, the lowest price in more than a week. Foreign investors sold more Brazilian shares than they bought for a sixth consecutive month, the longest streak of outflows in almost eight years. The value of shares bought and sold by foreigners fell below 25 billion reais ($10.4 billion) each during the month, the lowest level since January 2007, BM&FBovespa, Latin America’s biggest exchange, said yesterday.

Cia. Siderurgica Nacional SA (CSNA3 BS) fell 2.4 percent to 23.60 reais, the lowest in more than a week for the maker of flat steel for Brazil’s auto industry. Brazilian auto parts makers plan to cut about 4 percent of their workforce by year-end as slowing global growth erodes demand for automobiles, Folha de Sao Paulo reported today, citing Brazil’s auto parts makers association.

Gol Linhas Aereas Inteligentes SA (GOLL4 BS) gained 1.1 percent to 9.50 reais, the highest price in almost one month. Brazil’s second-biggest airline rose for a third day as oil traded near a three-year low. Fuel, which accounted for about 40 percent of airline costs when crude peaked, now likely makes up 20 percent of costs, Edigimar Maximiliano, an analyst at Bradesco Corretora, said yesterday. Bigger rival Tam SA (TAMM4 BS) gained 1 percent to 17.83 reais. Empresa Brasileira de Aeronautica SA (EMBR3 BS), the world’s fourth-biggest airplane maker, rose 2.5 percent to 9.12 reais.

Tim Participacoes SA (TCSL3 BS) fell 4.6 percent to 6.20 reais, leading declines on the index. Telecom Italia SpA, the parent of Brazil’s third-largest mobile-phone company, said it won’t sell Tim and instead will cut jobs in Italy and cut its revenue growth forecast for a fifth time.

To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.