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Brazil Stocks Open Higher On Hopes For Plan By France, Germany

SAO PAULO -(Dow Jones)- Brazilian stocks traded robustly higher after the open Friday, bouncing back from steep losses in the previous session as leaders in Germany and France promised a plan to expand the euro-zone's bailout fund by the middle of next week. Around 9:45 a.m. EDT, the local market's benchmark Ibovespa index of most-traded issues was up 1.4% at 54,771 points. Expectations for a positive start in U.S. markets gave investors in Sao Paulo reason to bid local shares higher after the opening bell. European markets rose sharply on hopes that French President Nicolas Sarkozy and German Chancellor Angela Merkel will make good by next Wednesday on a pledge to reach an agreement to strengthen the Europe's key rescue fund. Higher third-quarter net profits reported by U.S. firms such as General Electric, Verizon, Honeywell and McDonald's helped underpin the gains. Local currency and stock markets have been sucked into the ebb and flow of global risk appetite in recent months since the European debt crisis escalated, with the Brazilian real and company stocks displaying a high degree of day-by-day volatility. The real recently traded stronger at BRL1.7758 to the dollar. State-controlled energy giant Petroleo Brasileiro SA (PBR, PETR4.BR) shares were up 0.9% at BRL18.99. Petrobras' chief financial officer said late Thursday that the appreciation of the dollar against the Brazilian real since August will have a slight negative impact on the firm's balance sheet. The official declined to give numbers, citing the Nov. 11 release of its quarterly earnings report, but said some 70% of the Petrobras' debt is denominated in dollars. Shares of Brazil's largest sugar and ethanol group, Cosan SA Industria e Comercio (CZZ, CSAN3.BR) were up 0.1% at BRL26.53, after the company said Friday it bought the distribution assets of Exxon Mobil Corp. (XOM) in Bolivia, Paraguay and Uruguay. Cosan didn't unveil the acquisition's value but said that with the deal, annual sales should increase by 5%. State-controlled utility Centrais Eletricas Brasileiras, or Eletrobras, (ELET6.BR) shares up 1.4% at BRL23.04. Electrobras said Thursday it plans to go ahead with an offer for a stake in Portugal's electrical utility. Earlier this week Electrobras said it plans to sell up to $2.5 billion in global bonds. Shares of Vale SA (VALE, VALE5.BR), the world's biggest iron-ore producer, were up 1.6% at BRL37.82, and telecommunications company Tele Norte Leste Participacoes SA (TNE, TNLP4.BR), or Oi, was up 1.6% at BRL18.15. -By Paul Kiernan, Dow Jones Newswires; (+55)11-3544-7074; paul.kiernan@dowjones.com

Stock News for Cosan Limited Cl A (CZZ)
DateTimeHeadline
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
12/06/201206:05:12Brazil's Cade Approves Raizen Creation
11/06/201203:26:34BG Group Completes $1.7 Billion Comgas Stake Sale
10/31/201216:22:15Brazil's Comgas Sees Industrial Volumes Up in 2013 After Fall...
09/26/201219:28:19Brazil's Raizen Sees Record Sugarcane Crop In 2013 - Executive
05/29/201207:36:14Brazil's Cosan, Camil To Merger Food Operations
05/29/201202:47:08BG Group Sells Entire 60.1% Stake In Comgas For $1.7 Billion
05/09/201216:22:21Brazil's Cosan Shares Rise On Planned Debt Sale
05/03/201202:47:55BG MOU With Cosan For Sale Of Its 60.1% Holding In Comgas For...
04/12/201210:04:54Brazil's Cosan In Talks With BG For Comgas Controlling Stake
04/12/201209:44:24BG Group Confirms Talks With Cosan Over Comgas Interest
03/21/201210:28:51Subpar Rainy Season Threatens Brazil's Sugarcane Crop
03/01/201207:40:13Brazil's Cosan To Acquire Comma From Exxon Mobil
02/22/201216:04:03SOFTS HIGHLIGHTS: Top Stories Of The Day

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