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BM&FBovespa Rises to 20-Month High on Record Trading in Stocks

Sept. 17 (Bloomberg) -- BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, rose to a 20-month high on record equity trading.

Shares gained 1.2 percent to 12.70 reais at the close of trading in Sao Paulo, the highest level since Jan. 10, 2011. They earlier advanced as much as 2.6 percent.

Stock trading at the Brazilian exchange reached 1.5 million transactions Sept. 14, the highest on record, according to an e-mailed statement sent that day. Volume was 12.6 billion reais ($6.2 billion) on Sept 14, which compares to a daily average of 7.3 billion this year, data compiled by the exchange show.

“Volumes followed the local index trend, which rose a sharp 6.5 percent week over week, and was also influenced by strong volumes around the government intervention in the utilities sector and the announcement of a new round of stimulus by the Fed,” Henrique Caldeira and Roberto Savaris, analysts at Barclays Capital, wrote in a note to clients dated today.

Electric utilities posted declines last week after President Dilma Rousseff announced Sept. 11 measures to cut power rates by more than 28 percent for businesses to boost competitiveness in the country.

The Federal Reserve said on Sept. 13 it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month in a bid to spur expansion and reduce unemployment.

BM&FBovespa has risen 30 percent this year, while the benchmark index has added 8.9 percent during the same period.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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