Brazil's GPA rises after new board election

** Shares in Brazilian food retailer GPA PCAR3 rise in a hostile day for the country's markets after the company elected a new board of directors in a shareholders meeting

** GPA's shareholders on Monday had voted to remove the firm's entire board, which was followed by the election of four new members among the nine board seats

** The company shares rise 1% in midday trading, paring gains after rising as much as 3.6%

** Former Chairman Ronaldo Iabrudi was not among the elected members, the meeting minutes showed. It also did not say who would take the role next

** The meeting happened at the request of the Coelho Diniz family, who increased its stake in the company to 24.6% in August

** GPA stands as one of the top gainers on Brazil's benchmark stock index Bovespa IIBOV, which is down 1.4%

** Year-to-date, GPA is up more than 55%, including today's rise