Around the World's Markets: Sao Paulo

BRAZILIAN shares picked up another 2.4 per cent yesterday, extending the stellar gains in the week, amid growing optimism that the financial crisis in Latin America's biggest economy has bottomed out.

Sao Paulo's Bovespa index climbed to 10,658 points, its highest level in seven-and-a-half months. Huge gains in a handful of second-tier stocks fuelled the advance. On top of Monday's rise of 8.8 per cent, the index has now gained more than 11 per cent in just two days.