By Hugh Collins
June 9 (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 0.7 percent to 3,048.34. In Brazil, preferred shares usually are the most-traded class of stock.
Brazil
Petroleo Brasileiro SA (PETR4 BS): Brazil’s state- controlled oil company said it will cut diesel prices by 15 percent starting today, according to an e-mailed release sent to Brazil’s securities regulator. Petrobras fell 0.3 percent to 33.88 reais.
Gerdau SA (GGBR4 BS): Latin America’s largest steelmaker said it will suspend production of steel at its Sayreville, New Jersey plant and close its Perth Amboy facility in the state because of lower demand. Gerdau fell 1.6 percent to 22.04 pesos.
Vale SA (VALE5 BS): The world’s largest iron ore producer will benefit from China’s desire to have the Brazilian iron ore miner serve as an alternative supplier to the joint venture between BHP Billiton and Rio Tinto Plc, Citigroup Inc. analysts said. “Vale is the only viable high-volume alternative for now, which may provide leverage and assurances on new project volumes,” analyst Alexander Hacking wrote in a note to clients.
Chile
Lan Airlines SA (LAN CC): Chile’s biggest air carrier said passenger traffic increased 11 percent last month, according to preliminary data released by the airline. Lan’s cargo traffic declined 17 percent in May, it wrote yesterday in an e-mailed statement. Lan slid 1.2 percent to 6,595 pesos.
Banco de Chile (CHILE CC): The country’s second largest lender had a planned issue of inflation-adjusted and peso- denominated bonds rated AAA at Fitch Ratings. The issue, in the process of being registered, is for as much as 8 million UF, Chile’s inflation-adjusted accounting unit, or $299 million, and 84 billion pesos ($150 million), Fitch wrote. Banco de Chile slid 0.1 percent to 38.09 pesos.
Mexico
Banco Compartamos SA (COMPARTO MM): The bank, Mexico’s second-best performing stock in the past six months, expects past-due loans to rise to the highest in its 19-year history as the recession sparks layoffs and curbs migrant-worker remittances, Chief Executive Officer Carlos Labarthe said. Non-performing loans at the Mexico City-based bank, which targets the nation’s poorest borrowers, will climb to about 2.5 percent of its portfolio by year-end from 1.9 percent in March, he said. The stock rose 8.8 percent to 40.77 pesos.
To contact the reporter on this story: Hugh Collins in Mexico City at Hcollins8@bloomberg.net
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