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Financial News: BRAZIL: Ibovespa Closes At Highest Level In More

BRAZIL: Ibovespa Closes At Highest Level In More Than 6 Years W/ Eletrobras

08/22/2017 - 20:41:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 2.01% Tuesday, closing at 70,011.25 points, the highest closing level since April 5, 2011 (69,837 points). The Brazilian market was boosted by the optimism brought by the surge in Eletrobras shares.

Monday night, the Brazilian government announced its intention to privatize the company.

"The news on Eletrobras brought a positive outlook," said H. Commcor's operations desk manager Ari Santos. This prospect made Eletrobras' common shares (ELET3) skyrocket (+49.30%), while the preferred shares (ELET6) increased 32.08%.

The movement also boosted stocks of other Brazilian state-owned companies, such as Cemig (CMIG4 +8.58%) and Petrobras (PETR3 +3.69%, PETR4 +3.37%), which was further boosted by oil prices abroad.

Meanwhile, the locally traded U.S. dollar rose 0.31%, settling at R$ 3,1790, reversing the drop seen throughout the trading session after the suspension of the Joint Committee that discusses the Provisional Measure 777 establishing the Long Term Rate (TLP) as replacement of the Long Term Interest (TJLP) at the Brazil's National Economic and Social Development Bank (BNDES).

For the next few days, analysts believe that the stock market may still rise in the wake of the signaling given by the government regarding Eletrobras, with the Ibovespa seeking new levels after having surpassed 70 thousand points. Santos, however, does not rule out that the upward trend may bring a profit-taking move at some point.

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