- 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) 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) GOL, up 6.81 percent
- Vale SA (ADR) VALE, up 5.63 percent
- Itau Unibanco Holding SA (ADR) ITUB, up 5.23 percent
- Banco Bradesco SA (ADR) BBD, up 4.52 percent
- Gerdau SA (ADR) GGB, up 4.35 percent
- Ambev SA (ADR) ABEV, up 3.25 percent
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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