Brazilian stocks ‘rise’
Brazil’s stocks have risen on the back of news that the Bank of Brazil (BB) has reported booming quarterly profits.
Those considering buying property in Brazil could be interested to hear the news which suggests the nation is weathering the global economic storm.
Brazilian stocks rose yesterday (November 13th) following the BB announcement it had posted a net profit of $839.5 million (£568 million), which represents growth of more than one-third (36.9 per cent) over the same period last year.
Sao Paulo’s Bovespa index gained 3.1 per cent and shares in the state-run bank also rallied up by six per cent.
Meanwhile, in other news which could be of interest to Brazilian property investors, state-owned Oil giant Petrobras announced record third-quarter profits this week.
The organisation declared its net income for the three months had soared by 96 per cent compared to the same period last year.
Oil analyst Gilberto Pereira de Souza told Bloomberg: "The company has benefited from higher oil prices, higher fuel prices and higher output."
