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Brazil's Gafisa cancels stock sale on market slump

Mon Jul 13, 2009 6:28pm EDT

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SAO PAULO, July 13 (Reuters) - Brazil's second-largest homebuilder, Gafisa (GFSA3.SA), said on Monday it canceled plans to sell stock in a public offering, citing "general market conditions".

Stocks  |  IPOs  |  Brazil

The company last month filed to raise as much as 700 million reais ($353.4 million) from the sale of new stock. Brazil's benchmark Bovespa index .BVSP has lost nearly 8 percent since Gafisa fist announced plans to sell shares on June 2. ($1=1.981 reais) (Reporting by Elzio Barreto; editing by Carol Bishopric)

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