Squeaky Punto rear suspension (bushes) - Halmer
This is a known issue but where do I actualy spray the WD 40 please?
Squeaky Punto rear suspension (bushes) - Reggie
Are you sure it's the bushes.

On my sons 04 Punto it was the handbrake cables as they ran through the carriers. I think we opened them up a bit and wrapped some insulating tape over them where they ran through the carriers.

To check, get under the car and with it safely secured, get someone to gently bounce it up and down and alter the position of the cable slightly and see if it stops the noise.

There again, it may be the bushes. How old is your Punto?

Reggie
Squeaky Punto rear suspension (bushes) - Halmer
04 Reg 1.2 8v
Squeaky Punto rear suspension (bushes) - Reggie
So you have the same car as my son.

The handbrake cable carriers can be found just in front of the back wheels, where the cable changes direction into the centre of the car.

Apparently the brake compensator spring, which is found behind the fuel tank but to the right hand side of the car, can also squeak. The garage have applied some sort of thick lubricant to this to keep it quiet.

His car is squeak free now, since I modified the cable carriers and the spring has been oiled/greased.

Reggie
Squeaky Punto rear suspension (bushes) - Halmer
I sprayed the top and bottom of both the shock absorbers and the coiled springs and the noise has gone. Don't know if this is just coincidental.