| The Ibovespa, main index at Bovespa, appreciated 17.8% in 2004, closing the year
at 26,196 points, bolstered by favorable economic fundamentals, such as GDP growth
above 5% and a current-account surplus, strongly influenced by a record trade
surplus. On the other hand, the Selic rate hikes were a negative factor for the
local stock market.
Despite this backdrop, Unibanco Units gained 28.04% during the year, closing
at R$17.40 on December 31. Unibanco's ADRs rose by 30.02% in New York, while
the DJIA gained 3.15% in the same period.
The volume of Unibanco and Unibanco Holdings ADRs traded at the NYSE reached
US$12.6 million during the year and, at Bovespa, R$1.1 billion.
On September 1st, the Unit (UBBR11) was added to the IBrX-50 (Índice
Bovespa Brasil-50), with a 2.724% weight. When the index was rebalanced for
the January-April 2005 period, the Units weight was raised to 2.926%.
The IBrX-50 is a weighted index of 50 the most actively traded stocks, which
have been negotiated in at least 80% of all trading sessions during the past
12 months. The inclusion of the Units to the index was yet another step to increase
its liquidity in the domestic market.
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