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Financial News: BRAZIL: Ibovespa Falls For Second Straight Day As

BRAZIL: Ibovespa Falls For Second Straight Day As Risk Appetite Fades

01/10/2018 - 22:32:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, ended down for the second consecutive day on Wednesday, dropping 0.84% to 78,200.57 points. Investors are still taking profits after the recent 11-day streak of gains in the local market.

Negative performance in stock market indexes abroad and data showing that the December inflation in Brazil was stronger than expected also weighed on the Ibovespa.

"I believe this is profit-taking due to the strong start of the year we had. The inflation data also helped in this adjustment, since it came above expectations in December and led the market to expect only one more Selic cut in February," said Terra Investimentos analyst Régis Chinchila.

The annual inflation rate in Brazil increased to 2.95% in December, from 2.50% in November, above economists' projections of 2.80%. The rate, however, was below the bottom of the central bank's target for 2017, which ranged from 3% to 6%.

Shares of Eletrobras had a sharp drop (-4.25%) increasing uncertainty regarding the success of its privatization process. EcoRodovias shares also declined (-3.95%) as investors believe the company paid too much for the concession of the Northern section of the São Paulo's Rodoanel highway.

Analysts said that Ibovespa remains set for new highs, in spite of the index decline recently, and do not rule out more days of profit-taking.

Meanwhile, the locally traded U.S. dollar fell 0.52%, to R$ 3.23, tracking the greenback performance abroad and reacting to the official inflation data in Brazil.

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