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

To: Steve Fancy who wrote (9174)	10/26/1998 11:01:00 PM
From: Steve Fancy	Respond to of 22640

Brazil election over, but bond buyers want action Reuters, Monday, October 26, 1998 at 18:53 By Hugh Bronstein NEW YORK, Oct 26 (Reuters) - Investors were reluctant to buy Brazilian debt on Monday despite a boost for President Fernando Henrique Cardoso in Sunday's gubernatorial elections, preferring to await fiscal reforms and an international bailout. Even though Mario Covas, a Cardoso ally, won re-election in the key state of Sao Paulo, bolstering the president's influence over the country's unpredictable Congress, investors were skeptical, analysts said. "I don't care how favorable the situation in Brazil gets; it's going to take a long time for money to move back in any substantial amount to this market," said Martin Schubert, chairman of the European Inter-American Finance Corp., an emerging markets debt trading and fund managing firm. Brazilian debt, along with that of other emerging markets worldwide, got trounced in the wake of Russia's default and currency devaluation in August. "The liquidity that has been taken out of the market over the last two months has done tremendous damage," Schubert added. Debt prices were fractionally lower than on Friday just ahead of the election. Brazilian debt widened by 14 basis points, or .14 percentage point, over U.S. Treasuries on Monday morning, according to J.P. Morgan & Co. Inc.'s Emerging Markets Bond Index, while spreads of emerging debt in general widened by 11 basis points. A widening indicates an increase in risk, compared with U.S. Treasury bonds, the benchmark debt instrument. With the state governor elections out of the way, the government's economic team is expected to unveil a $20 billion austerity plan, either on Tuesday or on Wednesday. Investors will keep their hands in their pockets until the exact structure of the government's proposal -- and that of an an accompanying International Monetary Fund assistance package, expected to be in the $30 billion range -- is announced, said Paul Masco, chief emerging markets debt trader at Salomon Smith Barney Inc. "If a lot of the spending cuts and tax increases are backloaded in a three-year plan, that's not going to get us very far in 1999," Masco said. "So there are still some things the market needs to see before people jump back in," Masco said. "But for step one, the elections went about as well as could be expected." Siobhan Manning, Latin American debt strategist at PaineWebber, agreed, saying this week looks like the one in which the long-simmering rumors about the scope of Brazil's fiscal initiatives may finally be confirmed. "There won't be a rally unless we hear something surprising, such as U.S. banks chipping in with financing for Brazil," Manning said. "The Covas victory was positive, but the market might remain skeptical until we see how the first vote on the fiscal reform package goes in Congress." The victory of opposition candidates in Brazil's three other big states -- Rio de Janeiro, Minas Gerais and Rio Grande do Sul -- might complicate the president's attempts to include local-level governments in Brazil's fiscal drive, Manning said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9174)	10/26/1998 11:03:00 PM
From: Steve Fancy	Respond to of 22640

No US decision yet on bilateral Brazil aid-W.House Reuters, Monday, October 26, 1998 at 20:04 WASHINGTON, Oct 26 (Reuters) - The United States is still undecided on what role to play in an expected rescue package for Brazil, but it views the Brazilian economy as important to the rest of the Western Hemisphere, the White House said on Monday. "As we have said over the last month or so, the Brazilian economy is very important to the hemispheric economy," White House spokesman Joe Lockhart told a news briefing. He said Washington was in intensive talks about how best to prevent an escalation of the problems already hitting Brazil, but added: "There have been no specific decisions yet made on what role, if any, the U.S. government will play." Market analysts expect the United States to contribute bilateral funds to a rescue package for Brazil, which is Latin America's largest economy and the latest victim of the turmoil rocking world financial markets. A contribution could come from Treasury's special Exchange Stabilization Fund, but might raise hackles in Congress, where Republicans resent Treasury Secretary Robert Rubin's ability to tap this fund without seeking approval from the legislature. The United States last employed the Exchange Stabilization Fund for its contributions to international rescue deals for South Korea and Indonesia. The money, part of a second line of defense for the two countries, has not yet been handed over. The Brazilian package, expected to be worth some $30 billion in total, is thought likely to include up to $15 billion from the International Monetary Fund. A large part of the money is likely to be "precautionary", to be used only if Brazil's problems turn out deeper than currently expected. 898-8383, washington.economic.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9174)	10/26/1998 11:04:00 PM
From: Steve Fancy	Respond to of 22640

LatAm reaction to Brazil's plan hangs on viability Reuters, Monday, October 26, 1998 at 20:44 By Carlos A. DeJuana BUENOS AIRES, Oct 26 (Reuters) - Latin American stock markets have soared in the last few weeks in anticipation of a fiscal plan by Brazil they hope will end at least one episode of this year's multi-acted financial drama. But while street wisdom has the market buying the rumor and selling the news, analysts say the reaction will depend on a mesh of internal and external forces. "A lot depends on the extent to which (Brazil's) Congress appears to be ready to move on the measures," said John Mullin, a Latin American strategist with ABN AMRO. Expected on Wednesday, market talk has Brazil saving $20 billion through spending cuts and tax increases to trim its budget deficit of around 7.0 percent of gross domestic product. That would pave the way for some $30 billion in aid from the International Monetary Fund and other lending agencies. "If the plan is adequate and meets market expectations, it will probably put an end to potentially bad news for Latin America from inside Latin America," said Dario Lizzano, head of Argentine research at Santander Investment. Argentina's bourse has shot up almost 22 percent in the last three weeks, followed by Latin America's two largest markets, Brazil and Mexico, both rising about 13 percent. Chile has risen almost 6 percent and Venezuela, weighed down by elections next month, has dropped almost 4 percent. But regardless of pre-emptive rallies, analysts said the market's reaction will largely depend on the details of the plan and market conditions at the time of the announcement. "In general, the overall mood in the market excluding the fiscal package...could have an influence on the outcome," said Dresdner Kleinwort Benson's Latin American Strategist Denis Parisien. If markets awaken to new problems with Japan's banks or U.S. investors get jittery about corporate earnings, a package in line with expectations might actually be followed by selling, Parisien said. Should world markets be in high spirits, the announcement could spur a rally. If sentiment is negative but the package contains positive surprises, markets could U-turn and rise. James Barrineau, an analyst with Salomon Smith Barney, sees a maximum 20 percent upside and 30 percent downside for regional stock markets in reaction to the package. Key to shaping the package's reception will be what kind of cuts it involves, which reductions will be immediate and the viability of its long-term solutions. "The difficulty here is timing. A lot of these things are long-term issues," said ABN AMRO's John Mullin. "What they need to do is deal with long-term problems, but they need short-term signals to get interest rates down." Brazil's interest rates have rocketed to around 50 percent, largely stanching a $30 billion outflow of dollars in the past couple of months. The most important factor for stock markets will be what comes after the Brazilian announcement, analysts said. "The important issue is going to be if the plan is credible in the long-term," said economist Marcelo Romano at Argentina's Lopez Leon brokers. Last year when Asia's financial crisis began, Brazil reacted with an $18 billion fiscal plan, but made good on only part of its 51 measures. Besides dealing with Congress, Cardoso must now also convince opposition governors in three of Brazil's largest states to make painful economic decisions to bolster the country's economy after their election this weekend. "This thing could really drag on for a while," Mullin said. "The next month and a half could see a lot of ups and downs as things look a little better or worse on what the Congress is going to do." buenosaires.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9174)	10/26/1998 11:05:00 PM
From: Steve Fancy	Respond to of 22640

LatAm reaction to Brazil's plan hangs on viability Reuters, Monday, October 26, 1998 at 20:44 By Carlos A. DeJuana BUENOS AIRES, Oct 26 (Reuters) - Latin American stock markets have soared in the last few weeks in anticipation of a fiscal plan by Brazil they hope will end at least one episode of this year's multi-acted financial drama. But while street wisdom has the market buying the rumor and selling the news, analysts say the reaction will depend on a mesh of internal and external forces. "A lot depends on the extent to which (Brazil's) Congress appears to be ready to move on the measures," said John Mullin, a Latin American strategist with ABN AMRO. Expected on Wednesday, market talk has Brazil saving $20 billion through spending cuts and tax increases to trim its budget deficit of around 7.0 percent of gross domestic product. That would pave the way for some $30 billion in aid from the International Monetary Fund and other lending agencies. "If the plan is adequate and meets market expectations, it will probably put an end to potentially bad news for Latin America from inside Latin America," said Dario Lizzano, head of Argentine research at Santander Investment. Argentina's bourse has shot up almost 22 percent in the last three weeks, followed by Latin America's two largest markets, Brazil and Mexico, both rising about 13 percent. Chile has risen almost 6 percent and Venezuela, weighed down by elections next month, has dropped almost 4 percent. But regardless of pre-emptive rallies, analysts said the market's reaction will largely depend on the details of the plan and market conditions at the time of the announcement. "In general, the overall mood in the market excluding the fiscal package...could have an influence on the outcome," said Dresdner Kleinwort Benson's Latin American Strategist Denis Parisien. If markets awaken to new problems with Japan's banks or U.S. investors get jittery about corporate earnings, a package in line with expectations might actually be followed by selling, Parisien said. Should world markets be in high spirits, the announcement could spur a rally. If sentiment is negative but the package contains positive surprises, markets could U-turn and rise. James Barrineau, an analyst with Salomon Smith Barney, sees a maximum 20 percent upside and 30 percent downside for regional stock markets in reaction to the package. Key to shaping the package's reception will be what kind of cuts it involves, which reductions will be immediate and the viability of its long-term solutions. "The difficulty here is timing. A lot of these things are long-term issues," said ABN AMRO's John Mullin. "What they need to do is deal with long-term problems, but they need short-term signals to get interest rates down." Brazil's interest rates have rocketed to around 50 percent, largely stanching a $30 billion outflow of dollars in the past couple of months. The most important factor for stock markets will be what comes after the Brazilian announcement, analysts said. "The important issue is going to be if the plan is credible in the long-term," said economist Marcelo Romano at Argentina's Lopez Leon brokers. Last year when Asia's financial crisis began, Brazil reacted with an $18 billion fiscal plan, but made good on only part of its 51 measures. Besides dealing with Congress, Cardoso must now also convince opposition governors in three of Brazil's largest states to make painful economic decisions to bolster the country's economy after their election this weekend. "This thing could really drag on for a while," Mullin said. "The next month and a half could see a lot of ups and downs as things look a little better or worse on what the Congress is going to do." buenosaires.newsroom@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9174)	10/26/1998 11:07:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Cardoso To Be First To Announce Fiscal Plan Dow Jones Newswires BRASILIA -- President Fernando Henrique Cardoso will address the nation on television Tuesday night - or during Wednesday morning at the latest - on the contents of the multi-year fiscal adjustment plan, a presidential spokesman said Monday. "The president will be the first to make public details of the measures that have been elaborated," said spokesman Sergio Samaral during his daily press briefing. Earlier Monday a Finance Ministry spokesman said that Finance Minister Malan is due to announce the austerity plan in full detail "some time Wednesday" and present the measures for approval to Congress on Thursday. Amaral didn't give further details apart from saying that the president feels that he should be "the first one to give the information to the people." Amaral said a possible time for a presidential broadcast would be around 2200GMT Tuesday. "If not, the announcement will be made by the president some time Wednesday morning, but before any other official issues details and before it is handed to Congress," he said. As reported, the finance ministry also said Monday that the government's Fiscal Control Commission, or CCF, will meet Tuesday to lay the final touches to the proposals which have been put together at the request of Cardoso. On Oct. 20, Malan handed the bulk of the measures to the president. Last Sunday, Cardoso met with the country's top businessmen and entrepreneurs to discuss aspects of the plan, which aims at trimming the 7% public deficit and is widely expected to include big spending cuts and some tax increases. The target is to effect savings of around 30 billion reals (BRR) ($1=BRR1.18) and create conditions for possible international funding by the International Monetary Fund (IMF) and other lenders to protect Brazil from international financial turmoil. -By William Vanvolsem; 5561-244-33095; wvanvolsem@ap.org

To: Steve Fancy who wrote (9174)	10/26/1998 11:08:00 PM
From: Steve Fancy	Respond to of 22640

Lehman Global Strategist Sees Latin Plan As Crucial Dow Jones Newswires NEW YORK (Dow Jones)-Market watchers are anxiously awaiting announcement of a Latin American assistance package that could range from $50 billion to $80 billion, Lehman Brothers Holdings Inc.'s (LEH) director of global sovereign market strategy said Monday evening. The package, which could be announced as early as Wednesday by the International Monetary Fund, is expected to help build market confidence by assisting Brazil's economy with a combination of funding and fiscal controls, said Jose Barrioneuvo. "We'll be looking for a rapid decline in interest rates and expecting that the government will start extending the maturity of its internal debt," after the program is put into place, he said. The IMF-led Latin American liquidity fund will help countries in that region support their reserves, and Brazil is expected to be among the first recipients. Barrioneuvo said estimates for the fund range from $50 billion to $80 billion, although he believes $50 billion is the more realistic level. Of that amount, Brazil is expected to receive about $30 billion, he said, an amount that is a critical starting point for market confidence. "That $30 billion is going to be an important initial step in the context of market liquidity conditions improving," he said. Besides the funding, Barrioneuvo said people are awaiting a package of fiscal measures that should be announced at the same time. Among the items he is looking for are an increase in the country's financial transactions tax; a tax on bank interest revenue or earnings; and spending measures that will be tied to fiscal reforms at the congressional level. Almost as important as the measures themselves will be how specifically they are laid out, he said. "What is critical for the Brazilian strategy is for the market to get a sense of the timetable of the fiscal programs to be announced," he said. -Lynn Cowan; 201-938-5293; lynn.cowan@cor.dowjones.com

To: Steve Fancy who wrote (9174)	10/26/1998 11:09:00 PM
From: Steve Fancy	Respond to of 22640

MOF Kuroda:Japan Neither Approves Nor Opposed To Brazil Aid Dow Jones Newswires TOKYO -- Japan neither approves of or is opposed to an international economic assistance package for Brazil, the head the Japanese Finance Ministry's international bureau said Tuesday. Haruhiko Kuroda told a small group of reporters that he understands that Brazil is still only conducting unofficial talks with the International Monetary Fund regarding possible assistance. Until Japan receives word of an official agreement between the IMF and Brazil, "we can't say we either approve of or are opposed to" an aid package, he said. Asked about a New York Times report Sunday saying that Japan and Germany are opposed to participating in an assistance effort for Brazil, Kuroda said such a report is "erroneous." Kuroda said he believed Brazilian markets have become more stable.

To: Steve Fancy who wrote (9174)	10/26/1998 11:30:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 10/26/1998 ******* The 12 Baby Bra preferred shares should add up to the US ADR closing price Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4 18.50 18.50 17.50 17.62 - 3.18% 85 147,400,000 TELE CL SUL PN * TCSL4 1.34 1.34 1.32 1.34 = 0.00% 66 300,700,000 TELE CTR OES PN * TCOC4 0.91 0.95 0.90 0.95 + 5.55% 42 92,300,000 TELE CTR SUL PN * TCSP4 11.70 11.70 11.00 11.70 + 0.86% 76 114,500,000 TELE LEST CL PN * TLCP4 0.53 0.57 0.53 0.56 - 1.75% 64 236,500,000 TELE NORD CL PN * TNEP4 0.77 0.80 0.72 0.72 -10.00% 60 159,800,000 TELE NORT CL PN * TNCP4 0.36 0.39 0.35 0.38 + 5.55% 100 568,600,000 TELE NORT LE PN * TNLP4 16.00 16.00 13.60 13.99 - 9.74% 90 79,800,000 TELE SUDESTE PN * TSEP4 4.20 4.50 4.10 4.10 - 0.72% 85 192,400,000 TELEMIG PART PN * TMCP4 1.03 1.10 1.01 1.08 + 4.85% 75 277,200,000 TELESP CL PA PN * TSPP4 8.30 8.60 8.30 8.50 + 1.19% 96 347,300,000 TELESP PART PN * TLPP4 31.80 31.81 30.00 30.70 - 3.45% 101 130,000,000 ------ R$ 91.64 R$ 91.64 / 1.1913 = US$ 76.92 Closing figures for the Baby Bras Common shares on the Bovespa for: 10/26/1998 These shares trade only in Brazil (Control or Voting shares), will not match up to US ADR Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3 8.31 8.49 8.31 8.49 - 4.39% 2 200,000 TELE CL SUL ON * TCSL3 0.74 0.75 0.73 0.73 - 6.41% 14 77,800,000 TELE CTR OES ON * TCOC3 0.70 0.70 0.69 0.69 = 0.00% 4 43,100,000 TELE CTR SUL ON * TCSP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE LEST CL ON * TLCP3 0.37 0.37 0.34 0.35 = 0.00% 17 113,500,000 TELE NORD CL ON * TNEP3 0.44 0.45 0.44 0.45 - 4.25% 11 34,600,000 TELE NORT CL ON * TNCP3 0.31 0.31 0.30 0.30 - 3.22% 8 13,100,000 TELE NORT LE ON * TNLP3 6.80 6.80 6.50 6.55 - 3.53% 12 13,700,000 TELE SUDESTE ON * TSEP3 2.30 2.30 2.25 2.25 - 3.84% 4 16,200,000 TELEMIG PART ON * TMCP3 0.64 0.64 0.60 0.60 - 7.69% 7 48,300,000 TELESP CL PA ON * TSPP3 3.70 3.70 3.70 3.70 = 0.00% 1 1,000,000 TELESP PART ON * TLPP3 23.00 23.00 20.65 20.66 - 6.04% 3 300,000 Closing figures for Telebras receipts on the Bovespa for: 10/26/1998 These symbols are kind of the US TBH equivalent without the crazy premium. I believe the first two are the normal receipts, don't know about rest...anyone? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBR RCTB RON* RCTB30 53.00 53.01 49.00 50.00 - 6.54% 134 117,700,000 TELEBR RCTB RPN* RCTB40 94.50 94.70 90.00 90.80 - 2.88% 702 1,425,500,000 TELEBR RCTB RON* RCTB30T 52.75 52.76 52.75 52.76 0.00% 2 100,000 TELEBR RCTB RPN* RCTB40T 92.92 92.93 92.58 92.59 0.00% 4 400,000 RCTB RPN* RCTBL18 12.60 12.60 10.00 10.30 -14.16% 43 84,000,000 RCTB RPN* RCTBL28 29.00 29.00 24.50 24.50 -15.51% 3 30,000,000 RCTB RPN* RCTBL3 7.00 7.30 5.30 5.70 -17.39% 796 1,445,000,000 RCTB RPN* RCTBL30 17.00 17.00 17.00 17.00 -16.25% 1 9,000,000 RCTB RPN* RCTBL4 3.30 3.50 2.45 2.70 -18.18% 1312 2,264,000,000 RCTB RPN* RCTBL5 1.30 1.30 1.00 1.10 -12.00% 279 573,000,000 RCTB RPN* RCTBL6 0.41 0.43 0.35 0.40 -20.00% 17 44,000,000 RCTB RPN* RCTBL7 33.50 33.50 33.50 33.50 -18.29% 2 20,000,000 TELEBR RCTB RON* RCTB30F 53.00 53.00 49.00 53.00 - 0.93% 41 781,558 TELEBR RCTB RPN* RCTB40F 94.00 94.00 89.00 90.01 - 3.73% 41 1,033,547 Closing figures for other Baby Bra related symbols on the Bovespa for: 10/26/1998 Have no idea what these are...options? Anyone know or want to help figure it out? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELE NORT CL PN * TNCP4T 0.37 0.38 0.37 0.38 0.00% 2 30,000,000 EMBRATEL PAR ON * EBTP3F 8.00 8.00 8.00 8.00 - 9.90% 1 898 EMBRATEL PAR PN * EBTP4F 18.01 19.00 18.01 18.21 + 0.05% 4 95,900 TELE CL SUL ON * TCSL3F 0.71 0.71 0.71 0.71 - 8.97% 2 898 TELE CL SUL PN * TCSL4F 1.12 1.12 1.12 1.12 -16.41% 1 900 TELE CTR OES ON * TCOC3F 0.60 0.68 0.60 0.68 - 1.44% 4 106,898 TELE CTR OES PN * TCOC4F 0.82 0.91 0.82 0.91 + 1.11% 4 120,825 TELE CTR SUL ON * TCSP3F 6.00 6.00 6.00 6.00 - 4.61% 1 898 TELE CTR SUL PN * TCSP4F 10.02 10.02 10.02 10.02 -13.62% 1 900 TELE LEST CL ON * TLCP3F 0.30 0.34 0.28 0.34 - 2.85% 5 106,898 TELE LEST CL PN * TLCP4F 0.52 0.52 0.52 0.52 - 8.77% 3 95,825 TELE NORD CL ON * TNEP3F 0.44 0.44 0.42 0.44 - 6.38% 3 100,898 TELE NORD CL PN * TNEP4F 0.75 0.76 0.70 0.74 - 7.50% 6 198,768 TELE NORT CL ON * TNCP3F 0.30 0.30 0.25 0.26 -16.12% 6 101,898 TELE NORT CL PN * TNCP4F 0.35 0.35 0.34 0.35 - 2.77% 5 128,843 TELE NORT LE ON * TNLP3F 6.20 6.20 6.20 6.20 - 8.68% 1 898 TELE NORT LE PN * TNLP4F 15.00 15.00 14.00 14.01 - 9.61% 4 56,836 TELE SUDESTE ON * TSEP3F 2.00 2.00 2.00 2.00 -14.52% 1 898 TELE SUDESTE PN * TSEP4F 4.00 4.30 4.00 4.11 - 0.48% 4 141,936 TELEMIG PART ON * TMCP3F 0.60 0.60 0.60 0.60 - 7.69% 2 83,898 TELEMIG PART PN * TMCP4F 1.00 1.10 1.00 1.01 - 1.94% 4 71,936 TELESP CL PA ON * TSPP3F 3.20 3.20 3.20 3.20 - 9.09% 1 898 TELESP CL PA PN * TSPP4F 8.00 8.00 8.00 8.00 - 4.76% 4 120,825 TELESP PART ON * TLPP3F 20.01 21.02 20.01 21.02 - 4.41% 2 10,598 TELESP PART PN * TLPP4F 30.01 30.01 30.00 30.00 - 5.66% 2 55,900 Closing figures for other Telebras related symbols on the Bovespa: 10/26/1998 These symbols are for the 52 individual companies, no match to anything, provided FWIW. Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5 26.99 27.00 25.98 27.00 - 3.57% 26 5,290,000 TELEBAHIA PNB* TEBA6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6 15.00 16.00 15.00 16.00 - 3.03% 5 3,280,000 TELEBAHIA CL PNC* TBAC7 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS ON * TELB3 0.14 0.14 0.13 0.14 - 6.66% 5 62,100,000 TELEBRAS PN * TELB4 0.19 0.19 0.18 0.18 = 0.00% 50 217,200,000 TELEBRASI CL ON * TBRC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6 52.60 52.60 52.60 52.60 + 1.15% 1 20,000 TELEBRASILIA ON * TBRS3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4 96.00 96.00 96.00 96.00 + 1.05% 2 50,000 TELEMIG ON * TMGR3 20.00 20.00 20.00 20.00 - 4.76% 1 20,000 TELEMIG PNB* TMGR6 37.50 38.00 37.50 37.50 - 1.28% 9 630,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7 12.50 12.50 12.00 12.30 - 1.60% 10 5,780,000 TELEPAR ON * TEPR3 95.00 95.00 93.50 93.50 - 3.60% 8 524,000 TELEPAR PN * TEPR4 205.00 205.00 198.00 202.00 + 0.39% 39 3,705,000 TELEPAR CL ON * TPRC3 31.01 31.01 31.01 31.01 + 0.03% 1 4,000 TELEPAR CL PNB* TPRC6 52.00 54.00 52.00 52.00 - 1.70% 12 529,000 TELERJ ON * TERJ3 20.01 20.05 19.50 19.50 -11.36% 6 590,000 TELERJ PN * TERJ4 37.49 37.50 36.00 37.00 - 2.50% 147 89,030,000 TELERJ CL ON * TRJC3 19.00 19.00 18.90 19.00 - 4.52% 6 310,000 TELERJ CL PNB* TRJC6 33.70 34.00 32.99 33.79 + 1.16% 80 19,590,000 TELESP ON * TLSP3 129.00 133.97 129.00 130.90 - 2.31% 30 8,980,000 TELESP PN * TLSP4 206.00 207.00 194.00 195.00 - 5.33% 371 60,140,000 TELESP CL ON * TSPC3 26.00 26.00 25.00 25.50 - 3.77% 19 6,930,000 TELESP CL PNB* TSPC6 54.00 55.02 54.00 55.00 - 1.43% 128 47,920,000 TELEPAR PN * TEPR4T 205.93 205.93 205.92 205.92 0.00% 2 1,100,000 TELESP PN * TLSP4T 199.78 199.78 199.77 199.77 0.00% 2 500,000 TELERJ CL PNB* TRJC6T 35.23 35.26 35.23 35.26 0.00% 4 2,000,000 TELEBAHIA ON * TEBA3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5F 24.05 28.00 24.05 28.00 = 0.00% 3 10,000 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6F 14.50 14.50 14.50 14.50 -12.12% 1 4,975 TELEBAHIA CL PNC* TBAC7F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRAS ON * TELB3F 0.14 0.14 0.14 0.14 - 6.66% 1 898 TELEBRAS PN * TELB4F 0.17 0.17 0.17 0.17 - 5.55% 2 41,164 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 52.00 52.00 52.00 52.00 = 0.00% 1 5,310 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 92.00 93.00 92.00 93.00 - 2.10% 2 3,477 TELEMIG ON * TMGR3F 20.00 20.00 20.00 20.00 - 4.76% 1 2,112 TELEMIG PNA* TMGR5F 30.00 30.00 30.00 30.00 = 0.00% 1 112 TELEMIG PNB* TMGR6F 37.50 37.55 36.01 36.01 - 5.21% 5 15,236 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6F 10.00 10.00 10.00 10.00 = 0.00% 1 120 TELEMIG CL PNC* TMGC7F 12.00 12.50 11.50 12.00 +17.53% 4 12,894 TELEPAR ON * TEPR3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR PN * TEPR4F 195.00 200.01 194.01 197.01 - 2.08% 12 4,454 TELEPAR CL ON * TPRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR CL PNB* TPRC6F 51.00 52.00 50.03 51.00 - 3.59% 6 2,977 TELERJ ON * TERJ3F 20.98 21.00 19.13 19.13 - 9.33% 11 30,352 TELERJ PN * TERJ4F 37.00 37.00 35.51 36.35 - 4.21% 19 59,179 TELERJ CL ON * TRJC3F 17.55 19.00 17.55 18.02 - 5.15% 6 10,560 TELERJ CL PNB* TRJC6F 33.00 33.70 32.50 32.50 - 2.69% 18 69,673 TELESP ON * TLSP3F 128.00 130.00 127.01 128.06 - 4.43% 16 51,014 TELESP PN * TLSP4F 206.00 206.00 194.01 195.00 - 5.33% 24 87,608 TELESP CL ON * TSPC3F 25.50 25.50 24.00 24.00 - 9.43% 8 28,814 TELESP CL PNB* TSPC6F 54.00 54.50 53.01 54.11 - 3.02% 19 86,540