Brazilian meatpackers Jump After Russia Food Import Ban
Brazilian meatpackers Marfrig Global Foods SA (MRFG3) and Minerva SA rallied on speculation that Russia’s ban of food imports from the U.S. and European countries may benefit sales.
Shares of Marfrig, which supplies McDonald’s Corp. and Burger King Worldwide Inc. ( BKW:US), climbed 1.8 percent to 6.68 reais at 11:15 a.m. in Sao Paulo. Minerva added 3.1 percent to 12.42 reais, its highest on a closing basis since April 2013.
McDonald’s Supplier in Brazil Jumps After Russia Food Import Ban
By Denyse Godoy August 07, 2014
Brazilian meatpackers Marfrig Global Foods SA (MRFG3) and Minerva SA rallied on speculation that Russia’s ban of food imports from the U.S. and European countries may benefit sales.
Shares of Marfrig, which supplies McDonald’s Corp. and Burger King Worldwide Inc. ( BKW:US), climbed 1.8 percent to 6.68 reais at 11:15 a.m. in Sao Paulo. Minerva added 3.1 percent to 12.42 reais, its highest on a closing basis since April 2013.
Russia’s decision to retaliate against U.S. and European Union sanctions with bans on food imports from those countries is positive for Brazilian meatpackers, according to Sandro Fernandes, a trader at brokerage firm Geraldo Correa.
“That’s a good opportunity for Brazilian exporters,” Fernandes said in a telephone interview from Belo Horizonte, Brazil. “Investors are optimistic about the prospects of their sales to Russia now.”
Brazil sees opportunity to boost beef, pork, poultry, corn and soybean exports to Russia because of the ban, agriculture policy secretary Seneri Paludo said. |
