Brazil Property News: Brazilian market boosted




1st October 2008 07:00


Those considering Brazilian property could be interested to hear that the nation's stocks have been boosted by a buying spree yesterday (September 30th), it has been reported.

According to Brazzil Magazine, the Ibovespa, the Bovespa Index, went up 7.63 per cent with the market reaching 49,541 points at closing time.

The resurgence in Brazilian stocks comes after they had experienced a slump of 11 per cent in September and could suggest the market is gaining strength again.

President Luiz Inacio Lula da Silva said rich nations such as the US were to blame for the Latin American crashes.

"We did our homework and they didn't. Those who spent the last three decades telling us what to do didn't do what they had to do," the publication cites president Lula as saying.

Meanwhile, in other news which could be of interest to Brazilian property investors the Brazil Arab News Agency reported this week that Petrobras has announced it has finished drilling in the Santos Basin.

The state-owned oil giant confirmed it has found large reserves of oil and gas at a depth of 5,800 metres.


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