Share Prices Move Lower
May 05, 2011
The Sao Paulo Stock Exchange fell 462 to 62027 on the Bovespa Index after losing 658 Thursday. Of the 50 stocks making up the Bovespa Index, 13 advanced, 29 declined, 7 closed unchanged and one wasn't traded. Friday's trading volume totaled a moderate 302 million reals, up from Thursday's 246 million reals. Traders said the main item affecting Friday's market was the rise in the yield on U.S. 30-year Treasury bonds, which accelerated the decline in Brazil. Yields on U.S. 30-year treasuries rose above the 6.9% mark during Brazil's afternoon trading. Traders also noted that the favorable performance of Argentina's stock market Friday may have helped put the brakes on Brazil's drop later in the day. Federal oil company Petrobras surprised traders by falling as much as 5.7% Friday after the company announced Thursday a 655% gain in first-half net profit from the year-ago period. Petrobras dropped 4 points to 119 reals per thousand shares. Government-owned telephone holding company Telecomunicacoes Brasileiras fell 1 point to 75.30 reals per thousand shares, while subsidiary Telesp dropped 2.5 to 192 reals per thousand shares. Another subsidiary, Telepar, edged up 2 to 495.02 reals per thousand shares. Cemig declined 0.3 to 29.65 reals per thousand shares. Light dropped 4 to 290 reals per thousand shares. Preferred shares of government-run electric holding company Eletrobras decreased 4 to 276 reals per thousand shares, while common shares fell 5 to 268 reals per thousand shares. The government's mining giant Vale do Rio Doce gained 0.34 to 19 reals per single share.
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