Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.372

-8.1%

3:57 PM EST

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To: JohnN who wrote (6108)	7/30/1998 4:43:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil's Telebras Hits TBR Record Volume On NYSE Dow Jones Newswires NEW YORK -- Trading in American depositary receipts representing shares in the former Brazilian telecommunications holding known as Telebras (TBR) surged higher Thursday, in their most active session ever. Telebras ADRs (TBR) closed up 5.6% to $124 9/16, after investors exchanged a total of 7.7 million ADRs. Meanwhile, HOLDRs (TBH), the synthetic ADR representing Telebras ADRs, closed up 6% to $125 5/8, with 3.4 million securities traded. Traders were exuberant in their comments. "Tremendous," a dealer said. "What a stock." Market participants attributed the rise and heavy activity to Wednesday's successful auction of the Brazilian government's controlling stakes in the 12 companies into which Telebras was spun off. "The price paid yesterday justifies the price action in the shares today," the trader said. She added that global funds had been conspicuous buyers, while locals in Brazil had sold.

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