Most Brazilian stocks fell as economists cut forecasts for the country’s industrial output growth this year and next, adding to concern that recovery in Latin America’s largest economy is faltering.
Cia. de Saneamento Basico do Estado de Sao Paulo, the country’s biggest water utility, dropped after Banco Bradesco SA’s brokerage unit lowered its recommendation to the equivalent of hold.
Retailer B2W Cia. Global do Varejo led losses by companies that sell in the local market.
The Bovespa was little changed at 53,956.48 at 10:16 a.m. in Sao Paulo. Forty-four stocks of the 69 members of the gauge dropped.
The real weakened 0.2 percent to 2.0141 per dollar.
Industrial output will grow 2.86 percent this year, according to the median forecast among 100 economists surveyed by Brazil’s central bank. That compares with an estimate of 3 percent a week earlier.
Expansion in 2013 is projected at 3.75 percent, down from 3.8 percent, the survey showed.
“The central bank survey today confirms a scenario of low growth for Brazil, with the industrial sector still facing challenges to speed up the recovery,” Alvaro Bandeira, a partner at Orama Asset Management, said by phone from Rio de Janeiro.
Sabesp, as Cia. de Saneamento is known, sank 6.2 percent to 86.94 reais. B2W retreated 0.9 percent to 12.93 reais.
bloomberg.com
Cia. de Saneamento Basico do Estado de Sao Paulo, the country’s biggest water utility, dropped after Banco Bradesco SA’s brokerage unit lowered its recommendation to the equivalent of hold.
Retailer B2W Cia. Global do Varejo led losses by companies that sell in the local market.
The Bovespa was little changed at 53,956.48 at 10:16 a.m. in Sao Paulo. Forty-four stocks of the 69 members of the gauge dropped.
The real weakened 0.2 percent to 2.0141 per dollar.
Industrial output will grow 2.86 percent this year, according to the median forecast among 100 economists surveyed by Brazil’s central bank. That compares with an estimate of 3 percent a week earlier.
Expansion in 2013 is projected at 3.75 percent, down from 3.8 percent, the survey showed.
“The central bank survey today confirms a scenario of low growth for Brazil, with the industrial sector still facing challenges to speed up the recovery,” Alvaro Bandeira, a partner at Orama Asset Management, said by phone from Rio de Janeiro.
Sabesp, as Cia. de Saneamento is known, sank 6.2 percent to 86.94 reais. B2W retreated 0.9 percent to 12.93 reais.
bloomberg.com
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