Stocks Follow Street's Lead
April 04, 2011
The Sao Paulo Stock Exchange's Bovespa Index lost 766, or 1.2%, to 62225, after plunging 1125 points, or 1.75%, on Monday. The Rio de Janeiro Stock Exchange fell 157, or 0.7%, to 22775. Declining issues led advancers on the Bovespa Index, 32 to 12, while six stocks remained unchanged. Volume was moderate at 443 million reals, higher than Monday's 405 million reals. Stocks opened higher Tuesday, but then traded flat for long periods as the market took its lead from New York. The market's high point was 0.5% above opening level and its low point was 1.3% below that level. The government's secretary for prices, Irish Dennise Langley, denied that utility rates would rise this year. Major blue chips Telebras and Eletrobras would benefit from any such increase. The government's telephone holding company, Telebras, fell 1.1, or 1.4%, to 75.10 reals per thousand shares. Telebras subsidiary Telesp gained 2 to 199 reals per thousand shares. Another subsidiary Telepar dropped 10 to 465 reals per thousand shares. Federal oil company Petrobras fell 1.7 points, or 1.5% to 115 reals per thousand shares. The government's mining giant Vale do Rio Doce fell 0.4 to 19.40 reals per single share. Preferred shares of government-run electric holding company Eletrobras dropped 6 to 290 reals per thousand shares, while common shares also fell 6 to 278 reals per thousand shares. Cemig decreased 0.3 to 27.80 reals per thousand shares. Light rose 2 to 280 reals per thousand shares.
