Rumo shares drop 2.21% after September rail volume falls 10%

Shares of Brazilian rail operator Rumo fell 2.21% to R$ 18.17 around 11:15 a.m. in São Paulo on Friday, October 9, 2026. The stock traded near its intraday low and ranked among the worst performers on the Ibovespa index following the release of its monthly operational data.

The company reported consolidated September volume of 7.0 billion revenue tonne-kilometres (RTK), a 10% decrease year on year that represents a drop of 808 million RTK. A 10% annual contraction in its Northern Operation weighed on the figures. Corn was the largest drag, dropping 33% or 1.06 billion RTK, while soybean and soy meal shipments grew 20% and 21% respectively. For the third quarter of 2026, transported volume rose 2% year on year, missing Bradesco BBI's 4% projection and the market consensus of 3%.

Analysts André Ferreira and Ricardo França at Bradesco BBI attributed the weakness to temporary events. A derailment halted operations on the Malha Paulista line for about two to three days before being resolved on September 25. The analysts also cited a 26% annual drop in grain exports from Mato Grosso and persistent rain that disrupted operations at the Port of Santos terminals. BTG Pactual analysts Lucas Marquiori, Fernanda Recchia and Samuel Alkmim pointed out heavy rains as well, alongside the seasonal end of soybean shipping.

Despite the monthly drop, both banks kept buy recommendations. Bradesco BBI raised its target price on the stock from R$ 18 to R$ 22 for the end of 2027, an 18% upside from the October 8 close, while accounting for R$ 3 billion in liabilities tied to Malha Oeste (roughly R$ 1.60 per share). BTG Pactual reaffirmed its 12-month target price of R$ 23, representing 24% upside from the previous close, pointing to reduced capital expenditure and concession payments in coming years.