Brazil real plummets as stocks close down nearly 15%

Traders work at Necton brokerage after an automatic circuit breaker was triggered twice today in Brazilian stock exchange in Sao Paulo, Brazil March 12 2020. REUTERS/AMANDA PEROBELLIThe Sao Paulo stock exchange closed down 14.78% on Thursday, its worst day in a terrible week as Brazil struggled to deal with a market rout caused by the fallout of the new coronavirus pandemic.

The Sao Paulo stock exchange suspended trading twice during the session in a bid to halt the plunge, but the sell-off continued, giving the Ibovespa index the seventh-worst day in its history and a total loss of 26% for the week.Oil and airline stocks were again hit especially hard. It later recovered some ground as the central bank intervened to prop it up with currency auctions, and was trading at 4.77/$.But the pandemic hit close to home when the government confirmed the president’s communications chief, Fabio Wajngarten, had tested positive for the virus.

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