Low level activity could be due to the following:
1. Markets waiting for results of HRT 10
2. Trading volumes in on Bovespa are very low
3. Talk in Brazil of share buyback up to 20% i.e. 60m shares
4. Drivers for possible Buyback - HRT defence strategy or market confidence
There appear to be some that feel the BOD wants to send strong message to the market by buying back stock and this may be catalyst to driving price down whilst newsflow quiet, or that the BOD has instigated a possible buyback as a defence mechanism against hostile stakeholder. Others believe that predator is driving stock down for possible initial 20% stake in the Company and may already be stalking the largest holders eg SAM and GS.
Apparently MM not in Moscow. Dilma meeting Putin tomorrow - sure Rosneft/PBR/Solimoes/Pre Salt will be on the agenda.
Sorry - no jokes!