Around the World's Markets: Sao Paulo

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BRAZILIAN SHARES took a nosedive as fears of a further devaluation unhinged an already jittery market. The Bovespa index ended down 9.97 per cent at 5,057 points after having plunged 10 per cent in afternoon trading, triggering a 30-minute halt to trading.

"It's a very complicated situation and everyone is trying to get out," said one local trader.

Share prices have already lost more than 25 per cent since the start of the year due to Brazil's deepening financial crisis.

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