Rise in Bond Yields Hurts Index
May 08, 2011
The Sao Paulo Stock Exchange dropped 1747 to 60280, after falling 462 Friday. The Rio de Janeiro Stock Exchange lost 565 to 22218. Of the 50 stocks making up the Bovespa Index, four were higher, 34 were lower, 11 were unchanged and one wasn't traded. Traders said the market mainly was influenced by the rise in U.S. 30-year Treasury-bond yields. Volume was a weak 223 million reals, down from Friday's 302 million reals. Shares of the government's telephone holding company, Telebras, which accounted for 57.5% of volume Monday, fell 2.5 points, or 3.3%, to 72.80 reals per thousand shares. Telebras announced Monday afternoon that it would release its January-to-July results on Friday. Subsidiary Telesp dropped 2.5 points, or 1.3%, to 189.50 reals per thousand shares. Another subsidiary, Telepar, declined 3.52 points, or 0.7%, to 491.50 reals per thousand shares. Cemig declined 0.25 point, or 0.8%, to 29.40 reals per thousand shares. Light dropped 7 points, or 2.4%, to 283 reals per thousand shares. Preferred shares of government-run electric holding company Eletrobras decreased 12 points, or 4.4%, to 264 reals per thousand shares, while common shares fell 14 points, or 5.2%, to 254 reals per thousand shares. Federal oil company Petrobras dropped 5 points, or 4.2%, to 114 reals per thousand shares. The government's mining giant Vale do Rio Doce fell 0.3 point, or 1.6%, to 18.70 reals per single share.
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