RIO DE JANEIRO, Nov. 25, 2009 (Xinhua News Agency) -- Brazil's Sao Paulo Stock Exchange's (Bovespa) Ibovespa index closed at a 17-month high of 67,917 points on Wednesday, up 0.89 percent from Tuesday.
It was the third consecutive rise in the Ibovespa index which hit its highest level since June 2008. On Wednesday, the trade volume negotiated reached 5.9 billion reais (3.41 billion U.S. dollars).
In November, the Ibovespa index registered an accumulated increase of 10.35 percent; in 2009, the accumulated rise has reached 80.87 percent.
According to analysts, Wednesday's rise can be mainly attributed to the appreciation of commodities.
The stocks of state-owned oil and gas giant Petrobras, the largest company listed in the Bovespa, were up 0.77 percent, reaching 39.45 reais (22.85 U.S. dollars). And the stocks of Bovespa's second largest company, mining giant Companhia Vale do Rio Doce (NYSE:VALE) , were up 0.63 percent, closing at 43.37 reais (25.12 U.S. dollars).
Other factors which influenced the stocks' results included the rise in consumer confidence levels and the tax cuts announced by the Brazilian government on Tuesday and Wednesday, which were triggered by the appreciation of the stocks of several companies in the construction, ironworks and banking sectors.
The Brazilian Real-U.S. dollar exchange rate closed at 1.726 reais a dollar on Wednesday, down 0.52 percent from Tuesday. The U.S. currency has accumulated a devaluation of 1.76 percent in November and of 26.14 percent in 2009.
