Brazil’s stocks gain value
On the back of stronger markets in both the US and Europe, Brazil’s stock market rallied strongly this week.
A positive outlook from foreign investors also helped the country’s stock market continue to burgeon. Investors from outside Brazil caused the real to go up for the first time in three days.
On the Sao Paulo Stock Exchange the Bovespa index rose by a full 2.45 per cent, after two sessions where it fell consecutively.
Hideaki Iha, a currency trader at brokerage Fair Corretora de Cambio in Sao Paulo, told Bloomberg: "The domestic scenario is very positive, with strong economic indicators and local assets giving investors returns that are hard to find in other markets."
Meanwhile, the country’s second-largest non-state bank, Banco Bradesco, saw its third quarter net income rise by more than eight times, reports Bloomberg.
The Brazilian real gained more than any other currency this year besides the Canadian dollar.
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