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Montevideo, October 4th 2022 - 16:58 UTC

 

 

Brazilian markets clearly support challenger Neves: Bovespa up 4.7%

Tuesday, October 7th 2014 - 05:56 UTC
Full article 4 comments
Neves also was quick in announcing his Finance minister in case of victory, Arminio Fraga, a much respected banker Neves also was quick in announcing his Finance minister in case of victory, Arminio Fraga, a much respected banker

The Sao Paulo stock exchange soared 4.7% on Monday with the Bovespa index reaching 57.115 points following Sunday's presidential election when no candidate managed 50% of ballots, opening the way for a runoff between pro-business Aecio Neves and president Dilma Rousseff.

The president running for re-election garnered 42% of the vote and Neves 33.55%, while Marina Silva who at one point considered favorite but who plummeted in the last week, 21.3%.

This means that the difference between Rousseff and Neves is just eight points giving great hopes of a change to investors and manufacturers who blame the current policies for the poor performance of the Brazilian economy, particularly the government's intervention in the state owned corporations such as Petrobras.

Neves also was quick in announcing his Finance minister in case of victory, Arminio Fraga, a former banker and former governor of the Central Bank with a strong reputation in financial and economic circles.

As a result shares of the Bank of Brazil climbed 12.19% followed by Petrobras, up 11.55% and 10.23%, and PDG Realty, 10.68%.

Overall trading reached the equivalent of 5.9bn dollars in 1.814.635 operations.

Likewise the Brazilian currency that had been losing ground during the last month, recovered 1.3% against the US dollar, trading at 2.42 Reales.
 

Categories: Economy, Politics, Brazil.

Top Comments

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  • GeoffWard2

    If you want Brasil to be a modern industrial power,
    the last thing you want is party hacks emplaced by the illiterate.
    Much better to have those skilled in leading Brasil's industrial economy to lead the country.
    It seem that it's Neves, Neves and Neves. Anything else - in Brasil's declining circumstance - is speeding Brasil's decline.

    Oct 07th, 2014 - 09:22 am 0
  • ChrisR

    @ 1 GeoffWard2

    Agreed.

    But do the numbnuts on the Bolsa Familia care as long as the money keeps coming and only the PT can ensure that, as far as these people are concerned.

    Neves may make it and I really hope he does but I suspect Lula The Crook will be out in force trying to stop him like he stopped Marina Silva.

    Oct 07th, 2014 - 10:18 am 0
  • Think

    In your dreams, Geoff....
    The 500 AR$ in my wallet scream....:¡DILMA!
    Loser donates the money to the local Red Cross...
    Are you on?

    Oct 07th, 2014 - 05:14 pm 0
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