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Financial News: BRAZIL: Ibovespa Breaks 71,000 Points After TLP Approval

BRAZIL: Ibovespa Breaks 71,000 Points After TLP Approval

08/24/2017 - 20:10:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 0.92%, closing at 71,132.80 on Thursday, driven by the approval of the legislation that creates the Long-Term Tax (TLP) and the optimistic mood generated by the privatization package announced yesterday by the Brazilian government.

Ibovespa's closing level was the highest since January 12, 2011.

"The stock market seems never to fall. The climate is favorable to return to the 73,000 points," stated Pedro Galdi, an analyst at Magliano Corretora. "The government has been successful in announcing privatizations as an exit to solve the public accounts situation. Moreover, the TLP approved today is enthusiastic, since it can help in further reducing Selic."

In addition to the positive local news, iron ore rose again in China, pushing Vale's shares (VALE3 +4.12%) and steelmakers such as Usiminas (USIM5 +4.17%), which were among the higher Ibovespa's gains.

Meanwhile, Gerdau Metalúrgica (GOAU4 -2.42%) and Gerdau (GGBR4 -0.68%) papers fell back after the company announced the departure of the Gerdau family from the executive branch, with its members going to the board of directors.

Also, the Federal Public Prosecutor's Office accused executives of the company of irregularities under the scope of the Operation Zelotes investigations.

The locally traded U.S. dollar rose 0.09%, to R$ 3.1470, amid importers' purchases at the end of the day. Investors have also adjusted positions before the speeches of central banks governors expected at the end of a meeting in Jackson Hole, Wyoming.

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