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Financial News: BRAZIL: Ibovespa Renews Record On Expectation Over Pension

BRAZIL: Ibovespa Renews Record On Expectation Over Pension Reform Approval

10/10/2017 - 22:45:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 1.54% Tuesday, closing at 76,897.21 points and setting a fresh record closing level (breaking 76,762.91 points from last Tuesday).

The surge was driven by market players bets that the Brazilian Congress will approve a more lenient pension reform after the discussions on the second criminal complaint against the President Michel Temer.

"There were reports that the representatives were working to approve a pension reform with three points, softer than the original one, but still it is a pension reform. On the other side, Temer is moving, and there is a perception that he would be shielded," said Ari Santos chief operating officer at H. Commcor.

According to Rogério Freitas, an analyst at Florença Investimentos, after three days of fall, the Ibovespa goes higher again underlining the buying power of the market.

"The movement follows the path of last week, with investors seeing the recovery of economic growth and the political risk low in the country," Freitas said.

In the business field, Ambev shares rose 2.32%, while Petrobras' stocks continued to rise (+1.88%) after the company once again re-adjusted the of cooking gas price. Also, oil prices abroad benefited Petrobras' papers.

Meanwhile, the locally traded U. S. dollar fell slightly (-0.06%), closing at R$ 3.1850, after three consecutive rises, accompanying the greenback's correction course abroad.

For Wednesday, on the eve of a national holiday in Brazil, investors must continue to keep watching the arguments against Temer in a House of Representatives committee and the release of the minutes of the last U.S. Federal Reserve's board meeting.

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