By Paulo Trevisani
BRASILIA--Brazilian stocks were lower Friday morning following
moderate inflation data and after oil producer OGX Petroleo e Gas
Participacoes SA (OGXP3.BR) posted a quarterly loss.
As of 9:48 a.m. EDT, the Ibovespa index was 0.9% lower at 54,943
points, according to Tullett Prebon via FactSet.
OGX late Thursday reported a first-quarter net loss of 805
million Brazilian reais ($400 million), compared with a loss of
BRL144.8 million a year earlier.
Earlier this week, OGX, which is part of businessman Eike
Batista's group, announced the sale of a stake in an offshore oil
field to Malaysian state oil-and-gas company Petroliam Nasional Bhd
for $850 million.
OGX led decliners in the index, falling 3.75% to BRL0.79 a
share. It has fallen 88.7% over the past 12 months.
Mining company MMX Mineracao e Metalicos SA (MMXM3), another of
Mr. Batista's companies, was down 3.27% at BRL0.95.
Brazil's largest mining company, Vale SA (VALE5), was down 0.84%
at BRL32.87. State-owned oil producer Petroleo Brasileiro SA
(PETR4) was 0.49% lower to BRL20.12.
In the banking sector, Brazil's largest private bank, Itau
Unibanco Holding SA (ITAUB4), was down 1.11% at BRL34.62.
The biggest winner on the Brazilian stock market was
financial-service firm Cetip SA - Mercados Organizados (CTIP3),
which was 2.83% higher to BRL25.45. It was followed by retailer
Lojas Americanas SA, which was up 0.6% to BRL8.73.
Earlier in the day, private-sector research center Getulio
Vargas Foundation said its general price index, or IGP-M, rose
0.03% during the April 21-30 period, less than the rise of 0.42% in
the March 21-31 period.
Wholesale prices, which have a 60% weighting in the index,
registered a drop of 0.17% in the April 21-30 period, compared with
a rise of 0.38% in March 21-31 period. The day before, Brazilian
Finance Minister Guido Mantega told reporters that a wholesale
prices decline would lower retail prices in one or two months.
Write to Paulo Trevisani at paulo.trevisani@dowjones.com
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