Brazilian stock hits lowest since September

09:10, May 20, 2010      

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Brazil's Sao Paulo Stock Exchange's (Bovespa) Ibovespa indicator registered another negative result on Wednesday, closing at 59,689 points, down 1.89 percent from Tuesday and the lowest figures registered since September 15, 2009.

It was the fifth consecutive fall in the indicator. This week, the Ibovespa accumulates a fall of 5.9 percent; in May, the indicator fell 11.6 percent, and in 2010, the fall reaches 12.9 percent.

The trade volume negotiated on Wednesday amounted to 8.77 billion reais (4.77 billion U.S. dollars).

The bad results have been attributed to the crisis in Europe, which has affected other stocks around the world as well. The figures were also influenced by the falls in the stocks of the two largest companies listed in the Stock, state-owned oil and gas giant Petrobras and mining giant Vale.

On Wednesday, Petrobras' stocks fell 2.19 percent (ordinary) and 2.29 percent (preferential). Vale's stocks fell 1.94 percent (ordinary) and 2.5

percent (preferential). Other companies also registered sharp falls, such as biofuel company Brasil Ecodiesel with 6.74 percent and bank Itau Unibanco with 5.12 percent.

The Brazilian Real-U.S. dollar exchange rate closed at 1.838 reais to a dollar on Wednesday, up 0.88 percent from Tuesday. It was the fifth consecutive rise in the value of the U.S. currency.

In May, the U.S. dollar accumulates a valuation of 5.75 percent. in 2010, the rise amounts to 5.45 percent.



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