"The premium was too high because Iberdrola didn't want to take the risk of losing the auction, " said Luciana Portolano, an energy sector analyst at HSBC James Capel.
32.
-- Cia Cervejaria Brahma-ADR-( CCBJY US ) was downgraded to long-term " buy " from " buy " by analyst Luciana Portolano at HSBC James Capel.
33.
"Cosern is based in a state which is showing one of the best growth rates of the region, " said Luciana Portolano, an energy analyst at HSBC James Capel in Sao Paulo.
34.
-- Cia Cervejaria Brahma-ADR-( BRH US ) was downgraded to " hold " from long-term " buy " by analysts Luciana Portolano and Juan Sommer at HSBC Securities Inc.
35.
Another frequently used router was the work " Portolano " by Pietro Coppo, published in Venice in 1528, which included a collection of sea charts and the description of Christopher Columbus's discovery of America.
36.
"We are not seeing much foreign investors on these smaller utilities auctions as they are saving money for more interesting ones as Cesp and Eletropaulo next year, " said Luciana Portolano, energy analyst at HSBC James Capel.
37.
It was known as a " periplus " ( " sailing-around " book ) in classical antiquity and a " portolano " ( " port book " ) to medieval Italian sailors in the Mediterranean Sea.
38.
Portolano said energy consumption in Rio Grande do Norte is growing at a 10.1 percent yearly rate and its GDP at an 8.2 percent rate, compared with the country's 4.2 percent GDP growing rate.
39.
For cost-conscious investors, Perdigao's stock is more of a bargain than Sadia's, trading at 9.9 times estimated earnings for 1995, compared with 7.2 times forecasted earnings for Sadia, according to Portolano at Indosuez.
40.
For cost-conscious investors, Perdigao's stock is more of a bargain than Sadia's, trading at 9.9 times estimated earning for 1995, compared with 7.2 times forecasted earnings for Sadia, according to Portolano at Indosuez.
