People look at an electronic board showing the graph of fluctuations of market indices at the floor of Brazil’s Bovespa Stock Market in downtown Sao Paulo, Brazil, May 9, 2016. — Reuters pic
People look at an electronic board showing the graph of fluctuations of market indices at the floor of Brazil’s Bovespa Stock Market in downtown Sao Paulo, Brazil, May 9, 2016. — Reuters pic

SAO PAULO, Nov 9 — The Sao Paulo stock exchange shot up more than four per cent today, following world markets higher on Joe Biden’s US election win and hopeful news on Pfizer’s test vaccine against Covid-19.

The Ibovespa index surged at opening, before settling at a gain of around 3.5 per cent in mid-morning trade in Brazil, Latin America’s biggest economy.

The rally mirrored strong gains in Europe and Asia, where Biden’s election win Saturday fuelled optimism after days of uncertainty over the outcome of last week’s presidential vote in the United States.

Stock futures were also up on Wall Street ahead of the open, after Pfizer and its German partner BioNTech said their vaccine was 90 per cent effective in preventing Covid-19 infections. — AFP



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