Brazil’s main stock index hits highest level in six months

April 10th, 2009 - 1:08 pm ICT by IANS  

Rio de Janeiro, April 10 (Xinhua) The Sao Paulo Stock Exchange’s Ibovespa index was up 3.07 points Thursday, reaching 45,538 points, the highest level registered since October 2008.
The volume negotiated topped 5.1 billion reais ($3 billion), one of the highest registered in the year.

According to analysts, Thursday’s good results can be attributed to the announcement of a $154 billion stimulus package in Japan, to the release of US bank Wells Fargo’s 1Q09 net profit and to the increase of foreign investments.

The Ibovespa registered an accumulated increase of 21.3 percent in 2009, showing that despite the effects of the international financial crisis, the short-term perspectives have improved significantly in the country.

The stocks of Brazil’s largest private company, mining giant Companhia Vale do Rio Doce, jumped five percent Thursday, reaching 29.7 reais ($13.6) per share. State-owned oil and gas giant Petrobras’ stocks were up 4.4 percent, reaching 30.8 reais ($14.2) per share.

Petrobras and Vale are the two largest listed companies in the Bovespa, and account for almost a third of the Ibovespa index.

The highest increase, however, was registered by Brazil’s main aircraft maker Embraer, whose stocks jumped 9.1 percent to 9.25 reais ($4.26).

The stocks of the Itau Unibanco group, the largest bank in the southern hemisphere, rose 3.4 percent Thursday, reaching 29.25 reais ($13.47).

Additionally, the Brazilian Real jumped 1.45 percent Thursday, reaching 2.17 reais per US dollar. It is the highest value reached by the Brazilian currency since November.

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