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Around the World's Markets: Sao Paulo

BRAZILIAN SHARES surged on Monday to close more than 3 per cent higher after the International Monetary Fund posted details of a plan to secure a cash injection to shore up the economy. "There were no surprises [in the IMF accord]," one trader said. "With this low volume it's mostly speculation and positioning."

Sao Paulo's Bovespa index of blue chips closed 3.39 per cent higher at 9,786 points, with light trading volume of 334m reals.