Around the World's Markets: Sao Paulo

SHARES ROSE in early afternoon trade with the Bovespa index up 1.58 per cent at 7,766 just after mid-day, although volume was described as very weak.

The real was trading at 1.90/dollar, up from its 1.98/dollar lows yesterday. Traders said a rise in interbank rates and statements from the presidential palace and Central Bank strongly denying rumours of either a pending dollarization of the economy or centralization of exchange operations had calmed the markets.