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Financial News: BRAZIL: Ibovespa Closes Above 72,000 Points For The

BRAZIL: Ibovespa Closes Above 72,000 Points For The 1st Time Since 2010

09/04/2017 - 20:59:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 0.28% Monday, closing at 72,128.83 points - marking the first time since November 2010 that the Ibovespa closed above the 72,000 points.

The Brazilian index was influenced by the rise in the steel sector's shares, which were driven by the upwards revision in the estimate of this year's Gross Domestic Product (GDP) to 0.50%, from 0.39%, by economists polled by the country's central bank.

The holiday in the United States has reduced the trading volume.

"The day was low in liquidity due to the holiday abroad, but the projections that Brazil will grow in 2017 ends up making a little price on a day like this," said Hersz Ferman, chief economist at Elite Brokerage.

For Pedro Galdi, an analyst at Magliano Consultora, the prospect of economic improvement, alongside with the increase in the iron ore prices in the last week, ends up benefiting companies in the steel industry. Usiminas preferred shares rose 7.89%, while Gerdau's preferred shares gained 5.02%.

The Brazilian industrial production data, as well as the vote on the bill establishing the Long-Term Rate (TLP) in the Senate and the discussion on the change of the fiscal target for this year in the House of Representatives, should set the tone for tomorrow. For Galdi and Ferman, the Ibovespa bias remains positive.

The locally traded U.S. dollar fell 0.31%, to R$ 3,1380, amid the low volume caused by the holiday in the United States, which kept the local markets closed.

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