Skip to main content

Market Overview

Another Crazy Week For The Brazilian Real & Bovespa

Share:
Another Crazy Week For The Brazilian Real & Bovespa
  • Continuing with a trend, the Brazilian Real had yet another very interesting week.
  • After falling on Monday, recuperating on Tuesday and Wednesday, declining again on Thursday, and, once again surging on Friday, the currency closed the week up 0.91 percent.
  • Friday saw the Real appreciate 1.76 percent, to 0.2543 U.S. Dollars – which means that one U.S. Dollar equates to 3.9331 Reais.

Apparently, Friday’s surge in the Real versus the U.S. Dollar was driven by the announcements made by Brazil’s President, Dilma Rousseff, regarding the elimination of eight governmental departments (or ministries), aimed at cutting back on public spending.

While the Real gained 0.91 percent over the week, the Sao Paulo Stock Exchange rose 4.75 percent, mostly driven by Friday’s 3.8 percent rise. The Bovespa index closed the week at 47,033.46 points.

Related Link: The Crazy Week Of The Brazilian Real

Some of the biggest U.S.-listed Brazilian stock gainers on Friday were:

  • Petroleo Brasileiro SA - Petrobras (ADR) (NYSE: PBR), up 11.51 percent on the back of the rally in its bonds, which, in time, spiked on news that the state-owned oil company would increase domestic fuel costs.
  • Gol Linhas Aereas Inteligentes SA (ADR) (NYSE: GOL), up 6.81 percent
  • Vale SA (ADR) (NYSE: VALE), up 5.63 percent
  • Itau Unibanco Holding SA (ADR) (NYSE: ITUB), up 5.23 percent
  • Banco Bradesco SA (ADR) (NYSE: BBD), up 4.52 percent
  • Gerdau SA (ADR) (NYSE: GGB), up 4.35 percent
  • Ambev SA (ADR) (NYSE: ABEV), up 3.25 percent

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

 

Related Articles (GOL + PBR)

View Comments and Join the Discussion!

Posted-In: bovespa BrasilNews Emerging Markets Forex Global Markets Movers Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com