Poorly-Timed Bank Of Brasil Stock Offering Sinks As Everyone Watches The Game


The biggest Brazil stock offering since October is going on right now, while everyone in Brazil is watching the game.

FT reported this morning on Brazilian traders who complained about having to work while Brazil played Netherlands:

“Nobody is very happy, but we have to work, don’t we?” Pedro Galdi, a trader at the SLW brokerage house, said only half seriously.

“Our experience of the previous games tells us that it will be quiet. Clients aren’t making transactions when the matches are on,” said Luiz Roberto Monteiro, a trader with Souza Barros brokerage. “But still, we have to be here.”

Sure enough, Banco do Brasil (BBAS3.SA) shares have lost steam from yesterday, down nearly 1%.

And Brazil is up 1-0.

Don’t miss: 10 Reasons investors Are Going Wild For Brazil

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