Brazil - Brazzil Mag - Bolivia's Oil Nationalization Can't Stop Brazil from Reaching Record High
Advertisement
  Home arrow News arrow May 2006 arrow Bolivia's Oil Nationalization Can't Stop Brazil from Reaching Record High Saturday, 28 November 2009 
Main Menu
Home
News
Back Issues
Advertising
Contact Us
Brazil Forum
Magazine
Brazzil Classic
Yellow Pages
Classifieds
Images
BrazzilMag Newsfeed
Custom Search
Amazon Body Care
-------------
Brazil /Organic personal skin care wholesale / Brazil
--------------
Who's Online
We have 158 guests online
Latest News
Statistics
Members: 494
News: 11479
Web Links: 0
User Menu
Your Details
Submit News
Check-In My Items
My Comments
Login Form





Lost Password?
No account yet? Register
Most Read
Related Items
Contribution
Have you got news?

Do you have news, comment or story on Brazil you want to share with Brazzil? Just send it our way to brazzil@brazzil.com.

 
The Latest from Brazzil Magazine
Home
Bolivia's Oil Nationalization Can't Stop Brazil from Reaching Record High PDF Print E-mail
Written by Linda Shea   
Tuesday, 02 May 2006

Latin American stocks bounced higher, after a long holiday weekend. Monday, May 1st, Brazilian, Mexican and Argentinean markets were closed for the May Day holiday. Brazilian investors chose to ignore Bolivia's surprise decision to nationalize its oil and gas industry, which could impact select firms with interests in the country, as well as markets that import oil and gas from Bolivia.

Brazil's Bovespa Index surged 653.16 points, or 1.62%. Mexico's benchmark Bolsa Index advanced 433.68 points, or 2.10%, while Argentina's Merval Index edged up 1.19 points, or 0.06%.

Brazilian shares leapt past the 41,000 mark and reached a record high, thanks to foreign investor inflows. Investors shrugged off concerns regarding Bolivia's move to nationalize its oil and gas industries, which will entail foreign firms signing new contracts.

Brazil receives 50% of its natural gas from Bolivia, and Petrobras, Brazil's state-run energy firm, is a major investor in Bolivia where it operates two refineries.

In upbeat economic reports, the Ministry of Development, Industry and Foreign Trade said that the country posted a foreign trade surplus of US$ 3.1 billion in April, boosting the surplus so far this year to US$ 12.44 billion.

Turning to the financial sector, Banco Itaú rallied, after the company confirmed that it will buy the Brazilian assets of BankBoston. Banco Itaú also has the exclusive rights to buy the firm's operations in Chile and Uruguay.

Separately, a major investment firm downgraded Banco Do Brasil to "peer perform" from "outperform" due to the stock price's recent appreciation.

Mexican shares traded similarly to Brazil, reaching record highs on the day. Investors are anticipating strong quarterly earnings from America Movil, which is due out this evening.

Copper mining firm Grupo Mexico edged higher. This past weekend, workers at the firm's lead and zinc mine in Taxco ended a week-old strike; although, strikes at its copper mine La Caridad and zinc mine in Zacatecas state continued.

Elsewhere in the sector, Industrias Penoles said that stronger metals production and higher prices helped the firm to double its first-quarter net profit to 1.14 billion pesos from 567.9 million pesos a year ago. Sales surged to 6.92 billion pesos from 5.09 billion pesos.

ICA said that its first-quarter net profit surged, partly due to its increased stake in GACN. The engineering and construction firm's profit rose to 130.9 million pesos from 70 million pesos in the year-earlier period. Sales advanced 11% to 4.62 billion pesos, and operating profit leapt 72% to 354.4 million pesos.

Argentine issues did not partake in the broader regional rally, but instead settled for a slight uptick. Investors are awaiting the kick-off to the country's own earnings season, which is not set to begin until next week.

Thomson Financial - www.thomsonfinancial.com

Hits: 6549
Comments (0)Add Comment

Write comment
quote
bold
italicize
underline
strike
url
image
quote
quote
smile
wink
laugh
grin
angry
sad
shocked
cool
tongue
kiss
cry
smaller | bigger

security code
Write the displayed characters


busy




Reddit!Del.icio.us!Facebook!Slashdot!Netscape!Technorati!StumbleUpon!Newsvine!Furl!Yahoo!Ma.gnolia!Add this social bookmarking functionality to your website! title=
 
< Prev   Next >
Brazzil Magazine on Twitter


Visit Brazzil Social with Video, Music and Chat


Home
Brazzil Magazine - Since 1989 trying to understand Brazil
  • Poor Women from Northeast Brazil Learn Joy of Meeting and Helping Each Other


    Joined hands The small, coastal town of Condé is located just a twenty minute's drive from João Pessoa, the capital of Paraíba. The Northeast of Brazil has historically been a place of encounter and mixing between peoples. For millenia groups of indigenous people fished, farmed, migrated and sometimes fought along this large, fertile area.

  • Ahmadinejad's Visit: Iran, Honduras and Brazil's Hypocrisy in Dealing With Them


    Ahmadinejad and Lula The Brazilian diplo-MÁ-cia (bad diplomacy) carries on its accelerated course towards the non-acknowledgment of human rights, although sometimes it takes pleasure in saying that it does precisely the opposite. The visit of Iran's president, Mahmoud Ahmadinejad, is another example of a diplomatic omission that verges on hypocrisy.

  • Lula Is About to Fulfill His Wish of Getting His Good Friend Chavez in Mercosur


    Lula and Chavez On July 4, 2006, representatives of Argentina, Brazil, Paraguay and Uruguay met in Caracas to sign the protocol for the entrance of Venezuela into the Southern Common Market (Mercosur). After two and a half years, the protocol was approved by the legislative bodies of Argentina and Uruguay, and as of now it may be only days away from being ratified by the continent's economic megalith, Brazil.

  • Denying Education is the Other AIDS. And Brazil Is Guilty of Inflicting It


    Children from a Diadema band Some sectors of the fight against AIDS have suggested that Thabo Mbeki, the former president of South Africa, committed genocide through his absence from the fight against the illness in his country throughout his two terms.

  • Child Labor Went Down in Brazil, But 5 Million Underage Workers Are Still Way Too Many


    Child labor in Brazil One hundred and eleven years after Brazil abolished slavery, the number of workers deprived of their freedom is still huge. They raise cattle, produce charcoal, sugar cane or timber. Some of them, most undocumented Bolivians, work in basements of small apparel factories in São Paulo and other metropolis.

  • Some Humility Would Do Lula Good. On Human Rights Brazil Has Long Way to Go


    A prison in Rio de Janeiro, Brazil On November 7, 2009 a few friends and I had an opportunity to take a look inside a Brazilian jail outside the city of Rio de Janeiro. We were able to take some amateur footage of our experience on video (see link below). It's no surprise, of course, that the typical Brazilian jail lacks some of the functionality of those in North America or Europe, but our experience that day was quite shocking.

  • Brazil's Amazon Rainforest Policy Is a One-Way Road to Disaster


    Trasamazonian road in BrazilDepletion of the Amazon Rainforest is not a new concern facing environmentalists, biologists, ecologists, and a growing number of the Amazonian indigenous peoples. For decades they have feared for the fate of the world's most biologically diverse and species-rich hothouse.

  • Geisy, Brazil's Miniskirt Student, Should Try US College Next Year


    Geisy Arruda from BrazilGeisy Arruda made history this week in Brazil, but for all the wrong reasons. What began as a poorly planned fashion statement has become a worldwide tale. Geisy decided to wear a pink mini-dress to her private college in São Paulo state, and after that, all hell broke loose.

  • Vigilante Groups in Brazil Trump Drug Gangs and Become Rio's New Authority


    Brazilian favela in Rio The push of vigilante groups in Rio de Janeiro's favelas (shantytowns) in the last three years is the most important and alarming information of the just-released study by the Rio de Janeiro University's Violence Research Center (Nupev-Uerj).

  • Brazil Police Use Press Coverage as Green Light to Kill and Invade Houses in Rio


    Rio police in a favela A dispute over drug trafficking territory in Rio de Janeiro has intensified lately, leaving in its wake unprecedented acts of violence, such as the downing of a police helicopter in the northern zone of the city on October 17.  Three policemen died and another two were injured.  This event has drawn the attention of the international media, who are raising the issue of public security for the 2016 Olympics to be held in Rio.