Friday October 30, 3:45 pm Eastern Time
(Note: this article is ''in progress''; there will likely be an update soon.)
Brazil shares end week with heady gain, optimism
SAO PAULO, Oct 30 (Reuters) - Brazilian shares ended a tense week on a high note, climbing 7.8 percent on Friday as optimism swelled on the long-awaited international financial package to be led by the IMF, traders said.
A declaration of support from the Group of Seven leading industrial nations Friday for Brazil's fiscal austerity plan, unveiled this week, also lent strength to local buying, they said.
The Sao Paulo Stock Exchange Bovespa Index advanced 509 points or 7.8 percent to close at 7,047, off the high of 7,108, on moderate volume of 453 million reais.
The Bovespa had shown a weak performance all week, even with a fairly positive reaction from analysts to the government's fiscal austerity plan.
''We really needed a recovery, but I think today was a bit exaggerated,'' said one Sao Paulo trader.
He said that volume was still on the weak side and indicated that the gains were not likely to stick.
Benchmark Telebras receipts added 7.5 percent to 150.00 reais.
(Sao Paulo newsroom 55 11 248 5573))
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