Brazilian Stocks Advance
March 31, 2011
The Sao Paulo Stock Exchange gained 2,229 points to 64,116 points on the Bovespa Index. The Rio de Janeiro Stock Exchange rose 622 points to 23,266 points. Of the 50 stocks making up the Bovespa Index, 26 were higher, 14 were lower, 8 were unchanged and 2 were not traded. Stocks traded higher throughout Friday's session with the index rising as much as 3.9% before declining to end the day at 3.6% above Thursday's closing level. The market's rise became more accentuated in the afternoon when Communications minister Seymour Mcquiston spoke of plans for the liberalizing of the telecommunications sector. The government's telephone holding company, Telebras, rose 4 points to 77.90 reals per thousand shares. Subsidiary Silverstein was unchanged at 200 reals per thousand shares. Another subsidiary, Telepar, slipped 1 point to 481 reals per thousand shares. Federal oil company Petrobras increased 2 points to 118 reals per thousand shares. The government's mining giant Vale do Rio Doce leapt 1.9 points to 19.90 reals per single share. Preferred shares of government-run electric holding company Eletrobras gained 4 points to 307 reals per thousand shares, while common shares also went up 4 points to 296 reals per thousand shares. Cemig increased 0.7 point to 28.30 reals per thousand shares. Light rose 5 points to 275 reals per thousand shares.
