Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (22291)	5/9/2001 9:18:24 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

Brazil stocks edge 0.21% higher amid gloomy scenario (Brazil Newswire) São Paulo, 09 - Brazilian stocks traded sideways throughout Wednesday´s session, with the key Bovespa index edging 0.21% higher to close at 14,778 points, amid a gloomy scenario both locally and beyond the country´s border. Turnover came in above average, totaling R$ 832.41 million, or $368.16 million, based on today´s exchange rate. A move by opposition parties to start a high-profile inquiry into corruption allegations against key government officials, as well as the projected impact of an impending power rationing plan on Brazil´s economy weighed negatively on investor sentiment. In addition, Argentina remains as the everlasting source of trouble, with local authorities delaying details of a much-awaited plan to swap short-term debt for longer-term securities. If the debt exchange comes through, concerns over an Argentine default are surely to subside. Electricity issues dropped heavily on the Brazilian stock exchange, amid estimates that an upcoming power crunch will severely dent Brazil´s GDP growth this and next year. Among losers were Copel, which saw its shares slide 4.17%, Usiminas, whose stocks tumbled 4.05%, and Eletropaulo, with its shares falling 3.8%. All deals involved preferred equity. Eletrobras, the federal power holding, also suffered, with its ordinary and preferred stocks declining 3.89% and 3.88%, respectively. Paper and pulp group Aracruz was the top performer for the second day running, with its preferred class B shares soaring 9.09%. Another highlight was Cia. Vale do Rio Doce (CVRD), the Brazilian mining giant, which saw its preferred class A stocks jump 5.37%. Earlier, CVRD reported record quarterly net earnings of R$ 660 million for the first three months of the year, beating market expectations of a R$ 400 million-R$ 500 million profit for the period.