NYSE Decline Affects Market
May 11, 2011
The Sao Paulo Stock Exchange dropped 247 to 62700 on the Bovespa Index, after gaining 1681 Wednesday. The Rio de Janeiro Stock Exchange gained 8 to 22952. Of the 50 stocks making up the Bovespa Index, 16 were higher, 22 were lower and 12 were unchanged. Traders said that U.S. stock prices fell after a strong showing in housing sales fueled fears that the Federal Reserve might raise interest rates to combat possible inflation. Volume decreased to 450 million reals Thursday from 542 million reals on Wednesday. The government's telephone holding company, Telebras, which accounted for 64% of volume Thursday, fell 1 point, or 1.3%, to 76.40 reals per thousand shares, while subsidiary Telesp slipped 0.5 point, or 0.3%, to 196 reals per thousand shares. Another subsidiary, Telepar, declined 2.1 points, or 0.4%, to 489.90 reals per thousand shares. Cemig dipped 0.1 point, or 0.3%, to 30.50 reals per thousand shares. Light fell 1.9 points, or 0.7%, to 285.03 reals per thousand shares. Preferred shares of government-run electric holding company Eletrobras rose 5 points, or 1.9%, to 270 reals per thousand shares, while common shares increased 5 points, or 2%, to 262 reals per thousand shares. Federal oil company Petrobras moved up 1.5 points, or 1.3%, to 121.50 reals per thousand shares. The government's mining giant, Vale do Rio Doce, increased 0.14 point, or 0.7%, to 19.75 reals per single share.
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