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Financial News: BRAZIL: Ibovespa Loses Momentum, But Closes Higher On

BRAZIL: Ibovespa Loses Momentum, But Closes Higher On Friday

10/22/2017 - 20:18:00 (RTTNews)

(RTTNews) - The Ibovespa lost steam at the end of the trading session but kept rising (+0.14%), closing at 76,390.11 pointson Friday. In the week, the benchmark stock index in Brazil posted a 0.78% fall.

In the external field, uncertainty over who will be the new head of the U.S. Federal Reserve impacted the Ibovespa negatively. In business matters, the positive Vale's production report for the quarter gave rise to speculation about the company's quarterly results, to be published next week, and the miner's shares fell 0.15%.

The external scenario supported the appreciation of the locally traded U.S. dollar against the Brazilian real, closing at R$ 3,190 (+0.44%), the highest level since September 27 (R$ 3,194). Throughout the day, it reached a minimum of R $ 3,173 and a maximum of R $ 3,196. The approval of the 2018 budget plan Thursday night by the United States Senate signaled to the market that the country's tax reform could slip out.

For Monday, expectations diverge. DNAinvest's partner Leonardo Ramos indicates that the Ibovespa path taken late this afternoon indicates that there is a downward trend for the index on Monday, as the political scenario, the meeting of the Central Bank's Monetary Policy Committee (Copom) and the beginning of the third quarter earnings season, should inspire caution.

Ari Santos, chief operating officer at H. Commcor, said that there is room for the index to rise again if metal commodities rise in China.

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