Most stocks on Brazil’s Ibovespa fell, led by a slump in iron-ore miner Vale SA after prices for the steel-making ingredient sank and the government moved to fine the company over an environmental disaster.
Commodity producers were the worst performers among 10 industry groups Wednesday. Vale, which accounts for about 6 percent of the stock gauge’s weighting, dropped to a three-week low as Brazilian prosecutors filed a 155 billion reais ($44 billion) civil suit against the company, BHP Billiton Ltd. and their iron-ore venture Samarco Mineracao SA over a November dam rupture that killed as many as 19 people and caused severe environmental damage.
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