Brazil shrs rally at close as Senate oks key
Reuters, Wednesday, January 06, 1999 at 16:01
The upper house on Wednesday approved a new, higher version
of the CPMF financial transactions tax and the bill now faces a
second vote in the Senate later in the month. It will then be
submitted to the lower house.
The controversial bill is part of the $84 billion
anti-crisis austerity plan that the government has promised to
win over financial aid from the international community.
Meanwhile, investors also cheered stock rises in major European
bourses on Wednesday, especially in Lisbon, where prices jumped
3.8 percent. On Wall Street, the Dow Jones Index (INDEX:$INDU) was up
2.5 percent at the time of Sao Paulo's close.
Volume on the Sao Paulo bourse was a mere $300 million
however, as investors slowly returned from their holidays.
Among other blue-chip gainers, fixed line telephone firm
Tele Norte Leste preferred (SAO:TNLP4) rose 8.28 percent to
17.39 reais, while Petrobras preferred (SAO:PETR4) climbed 3.28
percent to 142.50 reais and Eletrobras preferred (SAO:ELET6)
rose 4.89 percent to 23.60 reais.
sao.paulo.newsroom@reuters.com))
Copyright 1999, Reuters News Service
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