PBR - Why Brazilian Stocks Jumped Today Before Giving Back Some Gains
Brazil's investors were ebullient today. Shares of Brazilian stocks of all sorts shot out of the gate Tuesday morning along with the broader market, with financial firms Banco Bradesco (NYSE: BBD) and Itau Unibanco (NYSE: ITUB), meat processor BRF (NYSE: BRFS), and oil major Petroleo Brasileiro (NYSE: PBR) (NYSE: PBR.A) all notching gains of roughly 10% or more in early trading.
As of 3:30 p.m. EDT Tuesday, however, Banco Bradesco's gains had been rolled back to 7.6% and Itau Unibanco's win was cut in half to 5.3%. BRF was still up a healthy 7.9%, and Petroleo Brasileiro (Petrobras for short) was holding on to a 9.1% gain.
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