Brazilian property shares rise
The Brazilian property market has helped boost the country’s economic performance, the latest figures show.
Rising mortgage loans have resulted in an increase in stocks for the second successive day, after an $800 million (£523 million) Federal Reserve plan to ease the property market was revealed.
The Sao Paulo exchange saw Brazilian property firms perform well, with homebuilders enjoying strong performances, while banking groups and blue chip companies also gained rises in share prices.
Januario Hostin Junior, chief equity portfolio manager for Florianopolis’ Leme Investimentos, told Bloomberg of the impact the US financial package has made on the Brazilian property market.
He stated: "The Fed move brings back some confidence in financial markets, cleared out the problem even more and gives some breathing room for it to function better."
Elsewhere, Russian president Dmitry Medvedev revealed this week while on a tour of South American he plans to boost the amount of trade between his country and Brazil.
