Brazil Market Ends 2004 in Record Breaking Pace

Brazilian shares continued upward to set a record closing high in the final day of 2004 trading, as the market is closed on Friday. Brazil’s benchmark Bovespa Index added 34.94 points, or 0.13%.

Brazilian shares advanced to another all-time closing high, ending the year on a strong note, as investors remained optimistic regarding the country’s outlook for 2005.


Late yesterday, Brazil’s government cleared its final hurdle of this year when Congress gave final approval to a 481 billion real federal budget for 2005.


Along with 481 billion reais in projected revenues, the legislation backed Wednesday foresees 358 billion in total federal spending and 78 billion in transfers to states and municipalities.


Also, Finance Minister Antonio Palocci rolled out a list of the government’s economic priorities for next year, including plans to lower payroll taxes, cut red tape for businesses and grant the central bank formal autonomy.


Such reforms could keep investment flowing and the economy expanding even if Brazil’s current export boom wanes.


In other news, according to a study by local consulting firm Economatica, Brazilian phone companies shed an average of 5.7% of their book value this year, while the main Ibovespa stock market index strengthened 17.6%.


Economatica stated that the weak performance by telecom firms, which make up 31.8% of the companies listed on the index, prevented further gains in the Ibovespa.


Thomson Financial Corporate Group
www.thomsonfinancial.com


PRNewswire

Tags:

You May Also Like

US and China Join Forces to Defeat Brazil and G4 at UN

China’s ambassador to the United Nations says Washington and Beijing have agreed to work ...

Brazilian Emigrants Send US$ 6.4 billion Back Home. Only Mexicans Send More.

Funds sent to relatives of Latin American and Caribbean workers who live abroad broke ...

US$ 600 Million from World Bank to Help Brazil’s Health

State and municipal secretaries of health met today in BrasÀ­lia, capital of Brazil, for ...

Freedom of Press Violated in US, Brazil and Across Americas

The Office of the Special Rapporteur for Freedom of Expression of the Inter-American Commission ...

People for Export

If the exodus has helped in some way to alleviate the unemployment problem the ...

Some Brazilian products sold in the US

A Stroll Down Brazil’s Memory Lane in Miami Beach

If you live or are visiting South Florida, think of Via Brasil, in Miami ...

Presidential candidate Rousseff Wants More State Capital in Brazil’s Airlines

Dilma Rousseff, the Brazilian presidential candidate handpicked by president Luiz Inácio Lula da Silva, ...

Criminals Have Already Killed 90 Policemen in São Paulo, This Year

Brazil announced on Tuesday it will create a new police agency, boost surveillance operations ...

Brazil: Lula Joins Sí£o Paulo Campaign at Last

Well, it looks like President Lula is finally going to São Paulo. But it ...

Peugeot Citroí«n Celebrating 9.5% Growth in Brazil

Peugeot Citroën Brazil was the Brazilian carmaker that presented the largest growth in 2005. ...