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Financial News: BRAZIL: Ibovespa Hits Six-week High As Investors Ignore

BRAZIL: Ibovespa Hits Six-week High As Investors Ignore Senate Paralysis

07/11/2017 - 20:43:00 (RTTNews)

(RTTNews) - Investors ignored a move from opposition lawmakers to delay a Senate vote on the labor reform bill and pushed Ibovespa, the benchmark stock index in Brazil to the highest closing level since May 26, paying more attention instead to rising oil and iron ore prices. Ibovespa increased by 1.28%, to 63,832.15 points.

"We had the oil turnaround, which greatly helped Petrobras' shares, in addition to the increase in iron ore," said DNAInvest partner Leonardo Ramos. After showing earlier volatility, oil futures prices rose by more than 1.5% on expectations of a decline in US output.

As a result, Petrobras shares (PETR3 +3.14%, PETR4 +3%) were among the highest gains in Ibovespa. Iron ore prices also increased, boosting Vale's (VALE3 +1.27%, VALE5 +1.77%) and steelmakers shares, such as CSN (CSNA3 +5.91%), which posted the highest gain amid Ibovespa's constituents.

Traders also continued to believe that the Senate will pass the labor reform bill in spite of a move from opposition senators to keep the upper house of Congress from starting the vote.

The locally traded US dollar fell by 0.21%, closing at R$ 3.2540, boosted by the confidence that the labor reform bill would pass a Senate vote.

The market believes that economic reforms will eventually move forward in Congress, even amid strong opposition, particularly if Rodrigo Maia, the current House of Representatives' speaker, replaces Michel Temer as Brazilian President.

That scenario, however, would only be possible if the House of Representatives and the Supreme Court allow Temer to be trialed for corruption.

"Maia's name is increasingly welcomed because the market believes that he will keep a commitment to the reforms," said Bruno Foresti, foreign exchange manager at OuroInvest.

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