AC (AC) - CBR (FLOOR)/C1 By Jeffrey T. Lewis
SÃO PAULO--Raizen shares rose 1.8% after Brazil's government sent a proposal to Congress to boost the amount of ethanol mixed into the country's gasoline.
Shares reached 4.04 reais, the equivalent of 83 cents, and were up 6.2% from the end of last year through Thursday's close. Brazil's benchmark Ibovespa stocks index was down 0.3% on Friday.
The administration of President Luiz Inácio Lula da Silva on Thursday proposed Congress approve a new law that would raise to 30% the maximum level of ethanol mixed into the gasoline sold at Brazilian pumps, from the current maximum of 27.5%.
Increased demand for ethanol would boost sales for Raizen, which is Brazil's biggest producer of the alternative fuel made using sugar cane as a raw material. The country has the world's biggest fleet of cars that can run on either gasoline or ethanol.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
09-15-23 1318ET
