Brazil’s Ibovespa advances with commodities support but moves away from the highs
By Augusto Decker
The Ibovespa operates in high on Friday but moved away from the day’s highs.
The index touched 111,000 points at the beginning of the trading session, but the turnaround in the shares of banks, which have important weight, reduced the session’s gains.
The news from abroad and commodities are on the radar of economic agents.
Around 1:10 pm, the Ibovespa was up 0.46%, at 110,564 points.
The intraday low was 109,900 points, while the high reached 111,706 points.
The projected turnover for the index on the day was R$19.92 billion.
In New York, S&P 500 rose 1.16% to 4,199 points, Dow Jones advanced 0.92% to 33,065 points, and Nasdaq gained 1.98% to 12,949 points.
The rise in commodity stocks gave a boost to the Brazilian stock market.
Vale ON (+1.93%), Gerdau PN (+2.85%), CSN ON (+1.14%), and Usiminas PNA (+0.96%) rose after iron ore registered a significant advance on the Dalian stock exchange after a sequence of losses caused by fears about demand from China.
Petrobras PN (+0.91%) and Petrobras ON (+0.64%) also registered advances, in line with the rise of Brent oil in London.
The two sectors have an important weight in the formation of Ibovespa.
The optimism for an agreement to raise the public debt ceiling in the United States remains in focus.
Negotiators seek an agreement before Monday’s extended Memorial Day holiday in the US.
According to the Treasury Secretary, Janet Yellen, there is a perception of progress in the negotiations, with the approach of June 1st, the deadline for the USA to continue honoring its payments.
On the other hand, the banking sector, also heavy, turned around during the trading session.
The losses of Itaú PN (-1.06%), Bradesco PN (-0.19%), BB ON (-0.43%), and Santander units (-0.65%) prevented a stronger advance of Ibovespa.
The US PCE inflation, released this morning, rose 0.4% in April compared to March, and the accumulated over 12 months advanced 4.4%.
The core of the indicator rose 0.4% in April compared to the previous month, and the 12-month accumulated advanced 4.7% – both came 0.1 percentage points above the market consensus.
The indicator should be used for the market to adjust the bets for the next meeting of the Federal Reserve (Fed) in June.
“Although inflation has come in only slightly above expectations, it reduces the tendency to cut interest rates”, says one economist.
The possibility of another interest rate hike in June boosted the yields of Treasuries, but American stock markets still advanced, with a focus on the negotiation to raise the debt ceiling.
Economic agents are also analyzing yesterday’s IPCA-15, which showed a smaller increase than the market had expected.
The expectation of a cut in the Selic rate in August intensified, helping the stock market.
Today, investors continue to pay attention to statements from authorities – the Minister of Finance, Fernando Haddad, had an interview with GloboNews at 16h.
With information from Valor
News Brazil, English news Brazil, Brazilian stock market
Key Facts
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Brazil — Live Market Board
+0.06%
167,927.15
+0.06%
64,436.38
+0.68%
11,237.90
-0.03%
2,875,950
+0.05%
2,444.32
-0.39%
58,380.78
+0.54%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 167,927.15 | +0.06% | +21.85% | 167,830.27 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
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