STXNEWS LATAM-Brazilian stocks seesaw at open; homebuilders fall

Wed Oct 3, 2012 9:21am EDT

Brazilian stocks seesawed on Wednesday as optimism over encouraging labor market data in the United States was partially offset by concerns over profitability at some of the nation's homebuilders.

The benchmark Bovespa stock index was trading 0.05 percent higher at 59,247.96 at 10:12 a.m. local time (1312 GMT). Homebuilders fell, led by Gafisa, after analysts at Barclays slashed price targets and estimates for some companies in the industry.

OGX PetrĂ³leo led gains, with a 1.1 percent gain. Recent moves by foreign and local investors to take advantage of frequent price fluctuations in banking and commodities shares have caused volatility in the index.

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