real-time news and commentary for investors
Tuesday, Oct 15
OGX surges amid speculation Batista to cede control
- OGX Petroleum (OGXPY.PK) soared 48% in Sao Paulo and 60% on the U.S over-the-counter market today amid speculation Eike Batista would leave the company he founded in a possible agreement with creditors.
- MMX Mineracao & Metalicos (MMXMY.PK), the former billionaire’s mining unit, also surged as buyers acquired a controlling stake in its iron ore port in Brazil.
- OGX shares nevertheless have slumped 92% YTD in Sao Paulo.