Bovespa Index Futures Gain on Cheapest Valuations in Two Years
2011-02-01 12:37:13.638 GMT
By Alexander Ragir
Feb. 1 (Bloomberg) -- Bovespa stock-index futures gained,
indicating the gauge may rebound from its lowest level in five
months, as commodities advanced and stock valuations fell to
their cheapest level in more than two years.
Banco Panamericano SA may be active after Brazilian
billionaire Andre Esteves agreed to buy a controlling stake in
the Sao Paulo-based lender that is being investigated for
accounting fraud. Petroleo Brasileiro SA, Brazil's state-
controlled oil company, and Vale SA, the world's biggest iron
ore producer, gained in U.S. trading.
Bovespa futures rose 0.6 percent to 67,115 at 7:24 a.m. New
York time. The gauge fell yesterday, capping the biggest monthly
decline since November, as airlines sank and investors
speculated upcoming share sales will sap demand for Brazilian
equities. The Bovespa closed at its lowest level since Sept. 8,
2010. The real rose 0.1 percent to 1.6650 per dollar today.
Copper rose to records in London and New York while
aluminum and nickel climbed to two-year highs as expanding
manufacturing in China added to signs of growth in industrial-
metals demand. A Chinese purchasing managers index compiled by
HSBC Holdings Plc and Markit Economics rose to 54.5 last month
from 54.4.
January Decline
The Bovespa fell 3.9 percent last month, pushing its
average stock price to 10.7 times 2011 estimated earnings, the
lowest since December 2008, according to weekly data compiled by
Bloomberg. That compares to a ratio of 13 for the Shanghai
Composite Index, 7.3 for Russia's Micex, and 17.3 for India's
Sensex.
BTG said in a statement late yesterday it will pay 450
million reais ($270 million) for 51 percent of Panamericano's
voting shares and place partner Jose Luiz Acar Pedro as the new
chief executive officer. Silvio Santos, Panamericano's founder
whose holding took out a 2.5 billion real-loan from the nation's
deposit insurance fund on Nov. 9 to rescue the bank, said he
sold to BTG on expectations it will help the lender grow.
"Now I'm free, the only company sold was the bank,"
Santos, the 80-year-old host of a Sunday variety show, said
after meeting with officials yesterday at BTG headquarters in
Sao Paulo.
BTG
After the purchase, BTG will own 37.6 percent of
Panamericano's total capital while the state-owned savings bank,
Caixa Economica Federal, which has been running the lender since
the bailout, will have 36.6 percent, BTG said. On the day the
transaction is completed, BTG will offer to buy out
Panamericano's minority shareholders for 4.89 reais a share, or
15 percent more than yesterday's closing price.
Cia. Energetica de Sao Paulo, the state-controlled power
company known as Cesp, may be active after it named Vicente K.
Okazaki as chief financial officer, according to a regulatory
filing.
MMX Mineracao e Metalicos SA, the iron-ore company
controlled by billionaire Eike Batista, may move after it named
Guilherme Frederico Escalhao its chief financial officer,
according to a regulatory filing.
Vale SA gained in U.S. trading after the world's biggest
iron-ore exporter proposed dividends of at least $4 billion for
shareholders for 2011, equal to $0.766536226 a share, according
to a regulatory filing.
For Related News and Information:
Top stories from Latin America: TOPL <GO>
Top stories in emerging markets: TOP EM <GO>
Stories on Latin American stocks: TNI LATAM STK <GO>
World equity index futures: WEIF <GO>
Bovespa market map: IBOV <Index> IMAP <GO>
Brazilian stock movers: TNI BZS MOV <GO>
--Editor: Glenn J. Kalinoski
To contact the reporter on this story:
Alexander Ragir in Rio de Janeiro at +55-21-2125-2533 or
aragir@bloomberg.net.
To contact the editor responsible for this story:
David Papadopoulos at +1-212-617-5105 or
papadopoulos@bloomberg.net
2011-02-01 12:37:13.638 GMT
By Alexander Ragir
Feb. 1 (Bloomberg) -- Bovespa stock-index futures gained,
indicating the gauge may rebound from its lowest level in five
months, as commodities advanced and stock valuations fell to
their cheapest level in more than two years.
Banco Panamericano SA may be active after Brazilian
billionaire Andre Esteves agreed to buy a controlling stake in
the Sao Paulo-based lender that is being investigated for
accounting fraud. Petroleo Brasileiro SA, Brazil's state-
controlled oil company, and Vale SA, the world's biggest iron
ore producer, gained in U.S. trading.
Bovespa futures rose 0.6 percent to 67,115 at 7:24 a.m. New
York time. The gauge fell yesterday, capping the biggest monthly
decline since November, as airlines sank and investors
speculated upcoming share sales will sap demand for Brazilian
equities. The Bovespa closed at its lowest level since Sept. 8,
2010. The real rose 0.1 percent to 1.6650 per dollar today.
Copper rose to records in London and New York while
aluminum and nickel climbed to two-year highs as expanding
manufacturing in China added to signs of growth in industrial-
metals demand. A Chinese purchasing managers index compiled by
HSBC Holdings Plc and Markit Economics rose to 54.5 last month
from 54.4.
January Decline
The Bovespa fell 3.9 percent last month, pushing its
average stock price to 10.7 times 2011 estimated earnings, the
lowest since December 2008, according to weekly data compiled by
Bloomberg. That compares to a ratio of 13 for the Shanghai
Composite Index, 7.3 for Russia's Micex, and 17.3 for India's
Sensex.
BTG said in a statement late yesterday it will pay 450
million reais ($270 million) for 51 percent of Panamericano's
voting shares and place partner Jose Luiz Acar Pedro as the new
chief executive officer. Silvio Santos, Panamericano's founder
whose holding took out a 2.5 billion real-loan from the nation's
deposit insurance fund on Nov. 9 to rescue the bank, said he
sold to BTG on expectations it will help the lender grow.
"Now I'm free, the only company sold was the bank,"
Santos, the 80-year-old host of a Sunday variety show, said
after meeting with officials yesterday at BTG headquarters in
Sao Paulo.
BTG
After the purchase, BTG will own 37.6 percent of
Panamericano's total capital while the state-owned savings bank,
Caixa Economica Federal, which has been running the lender since
the bailout, will have 36.6 percent, BTG said. On the day the
transaction is completed, BTG will offer to buy out
Panamericano's minority shareholders for 4.89 reais a share, or
15 percent more than yesterday's closing price.
Cia. Energetica de Sao Paulo, the state-controlled power
company known as Cesp, may be active after it named Vicente K.
Okazaki as chief financial officer, according to a regulatory
filing.
MMX Mineracao e Metalicos SA, the iron-ore company
controlled by billionaire Eike Batista, may move after it named
Guilherme Frederico Escalhao its chief financial officer,
according to a regulatory filing.
Vale SA gained in U.S. trading after the world's biggest
iron-ore exporter proposed dividends of at least $4 billion for
shareholders for 2011, equal to $0.766536226 a share, according
to a regulatory filing.
For Related News and Information:
Top stories from Latin America: TOPL <GO>
Top stories in emerging markets: TOP EM <GO>
Stories on Latin American stocks: TNI LATAM STK <GO>
World equity index futures: WEIF <GO>
Bovespa market map: IBOV <Index> IMAP <GO>
Brazilian stock movers: TNI BZS MOV <GO>
--Editor: Glenn J. Kalinoski
To contact the reporter on this story:
Alexander Ragir in Rio de Janeiro at +55-21-2125-2533 or
aragir@bloomberg.net.
To contact the editor responsible for this story:
David Papadopoulos at +1-212-617-5105 or
papadopoulos@bloomberg.net
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