Vale, Ecopetrol, Wal-Mart de Mexico: Latin Equity Preview

By Hugh Collins

April 8 (Bloomberg) -- The following companies may have unusual price changes today in Latin American trading. Stock symbols are in parentheses and share prices reflect the previous close.

The MSCI Latin America Index fell 1.4 percent to 2,357.32. In Brazil, preferred shares usually are the most-traded class of stock.

Brazil

Centrais Eletricas Brasileiras SA (ELET6 BS) and Cia. Energetica de Minas Gerais (CMIG4 BS): Madeira Energia SA, the group controlled by Eletrobras and Cemig that is building a hydroelectric dam on Madeira River, plans to issue 1.5 billion reais ($676.5 million) of bonds in a private placement to the government’s workers’ compensation fund. Eletrobras fell 1.4 percent to 26.48 reais. Cemig fell 3.2 percent to 34.55 reais.

Cia. Vale do Rio Doce (VALE5 BS): The nickel unit of the world’s biggest iron-ore producer halted work on an acid plant at its Goro nickel mine following an April 1 spill. Work will resume on an unspecified date. Vale fell 1.5 percent to 28.21 reais.

Colombia

Ecopetrol SA (ECOPETL CB): General Electric Co. has shown interest in investing in the Cartagena oil refinery, Colombia Energy and Mines Minister Hernan Martinez said in a New York speech. Ecopetrol, Colombia’s state oil company, may buy the 51 percent stake in the plant from partner Glencore International AG after the Swiss company said it couldn’t invest to boost output. Ecopetrol rose 0.5 percent to 2,185 pesos.

Mexico

Grupo Mexico SAB (GMEXICOB MM): Mexico’s largest mining company had its long-term corporate credit rating of BBB- placed on negative watch by Standard and Poor’s. Grupo Mexico rose 1.1 percent to 10.35 pesos.

Wal-Mart de Mexico SAB (WALMEXV MM): Latin America’s largest retailer said sales at stores open at least one year fell 1.1 percent in March. The company, known as Walmex, said revenue last month was 21 billion pesos ($1.56 billion). Walmex dropped 1.1 percent to 36.3 pesos.

Peru

Grana y Montero SA (GRAM/C PE): The Peruvian construction firm won a $148 million contract to rebuild state power company Egemsa’s 100-megawatt Machu Picchu hydroelectric plant, state financing agency Fonafe said. Grana y Montero rose 1.5 percent to 2.01 soles.

-- Editors: Theo Mullen, Greg Chang

To contact the reporter on this story: Hugh Collins in Mexico City at Hcollins8@bloomberg.net