Brazilian shares nosedive and market suspended amid bribery scandal

By John Kenchington

Added 19th May 2017

The Brazilian share index has fallen by 9% in a day after the nation’s president became embroiled in a bribery scandal, in its worst fall since 2008.

Brazilian shares nosedive and market suspended amid bribery scandal

The market was forced to suspend trading last night, with circuit breakers stepping in to prevent a catastrophic collapse after the Bovespa index initially fell by 10% in the space of 20 minutes.

It comes after Brazilian president Michel Temer was accused by one of the nation’s newspapers of paying a former Senate colleague to keep quiet in an investigation into corruption, although Temer has denied all wrongdoing.

Brazilian currency the real has also fallen sharply, dropping by 6.2% against the dollar.

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