Shares of Brazil's Gafisa rise on earnings, buyback

jueves 27 de febrero de 2014 09:22 GYT

SAO PAULO Feb 27 (Reuters) - Gafisa SA shares rose in early Thursday trading after the Brazilian homebuilder posted a sharp rise in fourth-quarter profit from a year earlier.

Late on Wednesday, Gafisa also announced that its board had approved the repurchase of up to 17,456,434 shares over the next year.

At 10:16 a.m. (1316 GMT), Gafisa shares were up 5.75 percent at 3.31 reais. (Reporting by Asher Levine; Editing by Lisa Von Ahn)