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12/07/2017 - 20:09hs

Dollar down, stocks up with Lula’s sentencing

The North American currency ended the day at its lowest level since May 17. Bovespa ended today at the highest level since the same date.

Brasília – The conviction by a first instance judge of former president Luiz Inácio Lula da Silva impacted the financial market. After the sentence was made known, the dollar dropped and ended the day at its lowest price in near two months. The São Paulo Stock Exchange (Bovespa) surged and also ended the day at its highest level since May.

Despite starting the day going down, the dollar decline sharpened after 1:50, when the sentence was published. The currency ended the day at BRL 3.208, lowest price since May 17. This was the fourth consecutive day of decline of the North American currency.

At the stock exchange, it was a day of gains. The Ibovespa index was going up throughout the morning, but surged after the sentence issued by judge Sérgio Moro, from the 13th Federal Court of Curitiba, and ended the day going up 1.57% to reach 64,836 points. This was the highest level of the index since May 17. Petrobras’ shares, the most dealt, led the surge. Ordinary stocks went up 3.9% to BRL 13.58 (USD 4.28). Preferred shares climbed 4.65% to BRL 12.94 (USD 4.07).

*Translated by Sérgio Kakitani

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