Brazilian stocks traded nearly unchanged on Friday. The Bovespa index of the Sao Paulo Stock Exchange ended the day 0.02 percent lower to close at 37,551.7.
Brazil's largest phone company Telemar led gains in the Bovespa, rising 4.05 percent to close at 30.60 reais. The company's parent said on Thursday it was cancelling a plan to sell shares in a secondary offering after a slump in the stock. Telemar Norte Leste, Telemar's operating unit, rose 3.3 percent to close at 47 reais.
State-owned oil giant Petrobras was also among the biggest gainers, rising 1.2 percent to 44.89 reais. Petrobras is the heaviest-weighted stock in the index.