BM&FBovespa to Buy Back Shares

Brazil’s main exchange, the BM&FBovespa, plans to buy back up to BRL641m of shares, some 3.5% of the total float. The entity’s stock price has fallen substantially over the past several months, and the board’s decision to buy appears to be a move to reaffirm management’s confidence in the stock. BM&FBovespa shares, which only began trading as a single entity on August 20, dropped 28% in September alone, according to Economatica. The shares close at BRL8.99 Thursday, up 5.76%. At those prices, the full buyback of 71.3m ordinary units would be worth BRL641m.The shares will be purchased through Bradesco’s Agora Senior, Credit Suisse, Itau, Morgan Stanley and UBS Pactual. The exchange’s market cap was BRL18.38bn Thursday.