Brazilian stock soars, U.S. dollar has biggest devaluation in 18 months

12:45, May 11, 2010      

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The Brazilian Sao Paulo Stock Exchange's (Bovespa) Ibovespa indicator registered on Monday the highest rise since last October, closing at 65,452 points, up 4.11 percent from Friday.

The good results were attributed to the giant aid package announced by the EU to help Greece and other indebted European nations, which caused stocks all over the world to register positive figures.

Bovespa's Monday rise compensated some of the losses registered last week, when the Stock accumulated a 6.9 percent fall. In May, the stock accumulates a 3.07 percent fall; in 2010, the fall reaches 4.57 percent.

State-owned oil and gas giant Petrobras' preferential stocks closed at 30.15 reais (16.96 U.S. dollars) on Monday, up 1.34 percent from Friday. The company's ordinary stocks closed at 34.24 reais (19.26 U.S. dollars), up 1.72 percent.

Mining giant Vale's preferential stocks were up 4.63 percent, closing at 45.15 reais (25.40 U.S. dollars), while ordinary stocks were up 4.25 percent, closing at 51.81 reais (29.15 U.S. dollars). Petrobras and Vale are the largest companies listed in the Brazilian Stock.

The U.S. dollar registered a four percent fall on Monday, with the Brazilian Real-U.S. dollar exchange rate closing at 1.777 reais a dollar. It was the biggest devaluation of the U.S. currency since November 2008. In May, the dollar's value rose 2.24 percent, and in 2010, it rose 1.95 percent.



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