Brazil Stocks Close Sharply Higher on Builders, Petrobras

–Brazil’s Ibovespa stock index closes 2.12% higher at 58951 points

–State-run oil company Petrobras up sharply on hopes for price increases

–Steel companies, builders also up sharply on second-half growth hopes

SAO PAULO–Brazilian share prices closed sharply higher Wednesday, led by market heavyweight Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, in the oil sector and by steel companies and real-estate developers.

The benchmark Ibovespa stocks index closed 2.12% higher at 58951 points. Volume was moderate at 7.1 billion Brazilian reais ($3.5 billion).

Brazilian share prices rose sharply despite tepid market performance overseas. …

Article source: http://online.wsj.com/article/BT-CO-20120808-717306.html

Posted by braziltribune on Aug 8 2012 Filed under Front Page. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry