Bloomberg reported stock in Vale (SAO:VALE5) declined after the company announced a huge loss in quarterly profits.
As quoted in the market news:
Vale rose 1.7 percent to 41.78 reais at 4:28 p.m. in Sao Paulo, the biggest gain since April 18. It earlier fell to the lowest in more than six weeks after profit dropped for a third straight quarter on declining iron-ore prices and output. Before today, Vale fell 12 percent in the past 12 months, compared with a 7.8 percent decline in the benchmark Bovespa Index. (IBOV)