Brazil: Winners and Losers
Among Brazilian ADRs, Companhia Paranaense de Energia (ELP) was up 11.1% past week. Centrais Eletricas Brasileiras (Eletrobras) (EBR) jumped 7.4% after it secured a $500 million loan from a Venezuelan lender Andean Development Corporation (CAF). Besides, in an effort to raise a total of $4 billion, Eletrobras has also secured $500 million financing from the World Bank.
Petroleo Brasileiro (Petrobras) (PBR - Get Report) and BRF Brasil Foods (BRFS) were among the major losers declining 4.9% and 4.4%, respectively. Petrobras' CFO said the recent downslide was triggered by news that the company would fall short of its year-end production target for the fourth consecutive year, attributable to uncertainties in the global financial markets. However, Petrobras recently announced the launch of operations at three new industrial units to enhance gas supply.