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Brazil shares

end in higher

turnover

SAO PAULO: After more than a week of sluggish trade, Brazil stocks eased from the day's high and ended up 1.23 percent on Wall Street's lead and speculation ahead of futures index and options settlements, traders said on Wednesday.

The Bovespa index of the 54 most-active stocks closed up 477 points at 39,185 points. Turnover was 216.8 million reais ($231.8 million), up 11.29 percent from Tuesday's close.

"Wall Street went down in the afternoon trade and the market here reacted," a trader said.

Other analysts, however, think Wednesdays performance was mostly due to speculation ahead of mid-August futures index and options settlements.

"I do not believe the market's performance reflected New York. It is just an excuse, it has more to do with the upcoming options settlements," another broker said.

In afternoon trade, the market was stirred by rumors that retail company Mesbla was filing for debt relief under a section of a bankruptcy law similar to Chapter 11.

"There is absolutely nothing to that (rumors)," said Claudia Lobo, a Mesbla press officer shortly after the market's close.

Mesbla preferred closed at 33 reais, down 8.3 percent.

State telecom Telebras preferred ended at 34.36 reais, up 1.21 percent.-Reuter