21:32 GMT +323 November 2017
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    Brazil's Stocks on Rise After Ex-President Lula da Silva Convicted of Corruption

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    Brazilian stocks are rising against the background of court's ruling to sentence Brazil's former president Luiz Inacio Lula da Silva to almost ten years in prison for corruption.

    MEXICO CITY (Sputnik) — Earlier in the day, Lula da Silva, who was in office between 2003 and 2010, was found guilty of receiving about $1.2 million worth of bribes from Brazilian OAS construction company, with the money spent on refurbishing a luxury three-story beach apartment in the seaside town of Guaruja. The politician was banned from occupying any official positions for 19 years and was fined $205,000.

    According to the Financiero portal, the index of Bovespa stock exchange located in the Brazilian city of Sao Paulo has shown a growth of 1.62 percent, while Brazilian Real has strengthened against US dollar by 1.34 percent.

    The analysts suggest that the growth could be connected with the expectations that Lula da Silva will not run for presidency, thus being unable to interfere with the economic reforms launched by the administration of Michel Temer.

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    corruption, conviction, stock markets, Luiz Inácio Lula da Silva, Brazil
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