Trade Is Influenced by Argentina
April 26, 2011
Traders said the market was influenced by Argentina's stock market, which had a calm day following two days of sharp drops. Traders also noted that investors are awaiting Monday's options expirations, another factor that could be adding to the tranquil market. The Sao Paulo Stock Exchange fell 6 to 62271 on the Bovespa Index, after dropping 764 Tuesday. The Rio de Janeiro Stock Exchange rose 59 to 22823. It's not unusual for the two exchanges to move in opposite directions. Although they trade the same stocks, the indexes are formulated using different weighting values. Of the 50 stocks making up the Bovespa Index, 22 were higher, 17 were lower and 11 were unchanged. Trading volume was a strong 445 million reals, up from 392 million reals Tuesday. Stocks of government telephone holding company Telebras accounted for 74.8% of volume traded but remained unchanged at 75.20 reals per thousand shares. Subsidiary Telesp gained 2 points, or 1.1%, to 192 reals per thousand shares. Another subsidiary, Telepar, rose 5 points, or 1.2%, to 435.01 reals per thousand shares. Federal oil company Petrobras was unchanged at 123.50 reals per thousand shares. Government mining giant Vale do Rio Doce was unchanged at 18.70 reals per single share. Preferred shares of government-run electric holding company Eletrobras increased 2 points, or 0.7%, to 276 reals per thousand shares, while common shares rose 1 point, or 0.4%, to 268 reals per thousand shares. Cemig moved up 0.5 point, or 1.7%, to 30.50 reals per thousand shares. Light declined 2 points, or 0.7%, to 273 reals per thousand shares.
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