Brazil index tops 70,000 points

The Brazilian stock market index traded higher than 70,000 points for the first time on Friday thanks to the country's new credit rating.

The benchmark Bovespa index has been rising since Wednesday when the country was deemed a safer place to invest.

At its highest point the Sao Paulo-based index reached 70,973 before falling back.

The upgrade is expected to attract much more foreign investment into the Latin American country.

The ratings agency Standard & Poor's raised Brazilian debt to BBB-, which is the lowest investment grade.

This is significant because many funds are only allowed to buy investment grade bonds.

The Bovespa rose more than 6% on Wednesday to close at 67,853.9 while the currency, the real, rose 2.5% against the US dollar.

Brazilian markets were closed on Thursday for the May Day holiday.