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

To: Bob Mehra who wrote (11970)	1/18/1999 4:07:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Bob, no I was guessing based on the Bovespa. TBR related equities comprise about 39% of the Bovespa index...as a general rule they are the driving force. Let me see if I can find the closing figure. sf

To: Bob Mehra who wrote (11970)	1/18/1999 4:36:00 PM
From: Steve Fancy	Respond to of 22640

Bob, looks like RCTB40 (TBH preferred share basket equivalent in Brazil) closed at R$105.5 on the Bovespa...up 6.9%. Based on the unconfirmed closing exchange rate (1.59) that would equal US$66.35. Don't know how much we can really tell from this. sf

To: Bob Mehra who wrote (11970)	1/18/1999 5:42:00 PM
From: Steve Fancy	Respond to of 22640

The São Paulo stock exchange index (Ibovespa) finished up 5.43% at 7,113 points (Ibovespa/US$ finished up 0.47% at 1,681 points). Trading volume totaled US$315.599m, with 27.809 billion shares having changed hands. The Rio de Janeiro Stock Exchange Index (IBV-RJ) closed higher by 3.92% at 23,645 points (IBV/US$ closed down 0.97% at 5,589 points). Among the blue chips, Telebrás Receipts (RCTBR) ended up 6.91%. Eletrobrás finished higher by 2.98%. Petrobras PN/US$ down 0.16%. Usiminas higher by 10.1%. CSN up 1.18%. The commercial dollar Ptax ended at R$ 1.5384/R$1.5376 from R$ 1.4659/R$1.4651 last Friday.

To: Bob Mehra who wrote (11970)	1/18/1999 5:47:00 PM
From: Steve Fancy	Respond to of 22640

Well Bob, looks like the real rebounded a little...1.5384. RCTB40 closed at R$105.5 so 105.5/1.5384 = US$68.57. We'll have to see what happens in the AM. I think it may be up. sf

To: Bob Mehra who wrote (11970)	1/18/1999 5:48:00 PM
From: Steve Fancy	Respond to of 22640

See Itamar Franco's declarations after meeting in BH Belo Horizonte, 18 - Minas Gerais state governor, Itamar Franco, said today in a speech after a meeting of opposition state governors, in the state's capital Belo Horizonte, that "this is the hardest moment for the Federation". According to Franco, "Brazilian states are not engaged in a political conflict, and there is neither a conflict between states and the federal government". The danger, said the governor, "is that national institutions, which were built with so much sacrifice, may perish as a result of the ungovernableness provoked by the current economic situation." He affirmed that the "new governors found their states' Treasuries just as drained of resources as the national economy, as a consequence of the transfering of the results of the Brazilian workers' labor to the international financial system driven by the highest interest rates of modern times". Itamar is also contrary to the creation of the retired civil servants's contribution. He said the contribution does not aid the fiscal adjustment proposed by the federal government. "If I were a congressman, I'd vote against it," he said. The governor further stated that Brazil should have conducted the fiscal and tax reforms in 1995, "but politicians in power opted for focusing on the reelection (of president Cardoso)". (By Sérgio Bueno)