Stocks Rebound From Losses
May 09, 2011
The Sao Paulo Stock Exchange gained 981 to 61261 on the Bovespa Index, after falling 1747 Monday. The Rio de Janeiro Stock Exchange rose 195 to 22413. Of the 50 stocks making up the Bovespa Index, 36 were higher, eight were lower, four were unchanged and two weren't traded. Volume rose to 324 million reals from 223 million on Monday. The federal government bank, Banco do Brasil, gained 0.24 point, or 2.5%, after it reported a profit of 29.8 million reals during July. The bank had suffered record losses during the first half of the year as well as in 2010. Government telephone holding company Telebras, which accounted for 73% of volume traded, gained 1.4 points, or 1.9%, to 74.20 reals per thousand shares, while subsidiary Telesp added 2.5 points, or 1.3%, to 192 reals per thousand shares. Another subsidiary, Telepar, declined 1.5 points, or 0.3%, to 490 reals per thousand shares. Cemig advanced 0.3 point, or 1.0%, to 29.70 reals per thousand shares. Light pushed up 2 points, or 0.7%, to 285 reals per thousand shares. Preferred shares of government-run electric holding company Eletrobras climbed 1 point, or 0.4%, to 265 reals per thousand shares, while common shares rose 2 points, or 0.8%, to 256 reals per thousand shares. Federal oil company Petrobras climbed 4 points, or 3.5%, to 118 reals per thousand shares. The government's mining giant Vale do Rio Doce inched up 0.05 point, or 0.3%, to 18.75 reals per single share.
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