Shares of Brazil's OGX jump 40 percent after steep Friday loss

SAO PAULO, Sept 2 Mon Sep 2, 2013 9:39am EDT

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SAO PAULO, Sept 2 (Reuters) - Shares of Brazilian oil producer OGX Petroleo e Gas Participacoes SA spiked 40 percent on Monday as bargain-hunters stepped in after the stock posted its second-biggest one-day decline on Friday.

The Rio de Janeiro-based company said on Thursday that controlling shareholder Eike Batista, a Brazilian tycoon, sold 1.54 percent of outstanding OGX shares on Wednesday and planned to sell more.

At 10:30 a.m. (1330 GMT), shares of OGX were up 30 percent to 0.39 reais after hitting a high of 0.43 reais earlier in the session. (Reporting by Asher Levine; Editing by Jeffrey Benkoe)

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