Brazilian stocks finish firmer

30 Jul, 2006

Brazilian stocks gained on Friday after signs of a weaker US economy signalled the Federal Reserve may refrain from future interest rate rises, keeping high-yielding emerging market securities attractive. The Bovespa index of the Sao Paulo Stock Exchange finished 1.34 percent higher at 37,381 points and rose more than 5 percent this week.
At the stock market, electricity generator Cesp gained 5.1 percent to 16.29 reais after the company completed the sale of 3 billion reais worth of stock, raising funds to pay down part of its debt. The company said it sold common and preferred shares at a price of 14.50 reais for each lot of 1,000 shares.
Sugar and ethanol producer Cosan tumbled 5.92 percent to 143.00 reais. The company said late on Thursday it posted a 900,000-reais net loss in the fourth quarter, which ran from February to April to coincide with Brazil's sugar cane crop year. Cosan posted a 1.3 million-reais net income in the same period a year earlier.
Vivax, Brazil's second biggest cable television operator, gained 2.86 percent to 34.15 reais. The company on Thursday said its second-quarter net income fell 83 percent to 6.13 million reais.

Read Comments