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After a rocky morning that sent stocks tumbling down over the 10% mark, which triggered a circuit breaker that shut down the market for half an hour, the Bovespa, Brazil's stock exchange, was able to reduce losses and close this Friday, October 10, at 35.609 points or 3.97% down. It was the seventh time in row of shares slides. Trading for the day was 5.4 billion reais (US$ 2.35 billion). With these results the Brazilian market now has accumulated 20.01% of losses this week, 28.12% this month of October and over 44% in the whole of 2008. The only respite to the fall this month occurred on October 1st. Among the heavier losers were Gafisa (-14%), JBS Friboi (-14%), Embraer (Brazilian Aircraft Manufacturer) (-10%) and Renner stores (-10%). Among the most traded shares, oil company Petrobras fell over 7%, while mining firm Vale... [read full story]
