Brazil: Winners and Losers
, producer of long rolled steel, was the top gainer, up 8.8% last week on investor optimism regarding the tax cuts.
Companhia Siderurgica Nacional
was up 2.5%. The steelmaker recently revealed that it signed a memorandum of understanding with Spanish-based Alfonso Gallardo Group for the negotiation and eventual acquisition of stakes in three Spanish companies, namely cement maker Cementos Balboa (Balboa), and steel producers Corrugados Azpeitia (Azpeitia) and Corrugados Lasao (Lasao). These transactions valued at about $472.7 million are likely to be concluded in first quarter of 2011.
Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP
increased 1.8% during the past week. The company last week launched a $350 million, 10-year bond issue with a yield of 6.25%.
(VALE - Get Report)
was up 1.1%.
Leading the losers' list was
Gol Linhas Aereas Inteligentes
, a low-cost airline, which shed 7.8% last week despite a 2.9% year-over-year increase in domestic passenger traffic for November and a 27.2% gain in international traffic.
Companhia Paranaense de Energia - Copel
dropped 5.2% although the company was upgraded to neutral from the earlier underperform recommendation by
Zacks Investment Research
Centrais Eletricas Brasileiras (Eletrobras)
were down 4.35 and 3.8%, respectively.