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Financial News: BRAZIL: Ibovespa Rises Amid Perception That Reforms Are

BRAZIL: Ibovespa Rises Amid Perception That Reforms Are Advancing

07/13/2017 - 20:40:00 (RTTNews)

(RTTNews) - Ibovespa rose 0.52%, closing at 65,178.34 points, boosted by the rebound in oil prices abroad and amid a market perception that the government was able to advance with its economic reforms agenda this week despite the political turbulence.

JBS shares were the trading session highlight, increasing more than 9% after a preliminary court decision allowed the company to proceed with its asset sale plan.

Meanwhile, the locally traded US dollar spent the day near stability after declining more than 1% yesterday, reacting to the conviction of former President Luiz Inacio Lula da Silva.

At the end of the session, the greenback rose 0.06%, quoted to R$ 3.2100.

In the after hours, a committee from the Brazilian House of Representatives rejected the corruption charge against Michel Temer - a small victory for the struggling President. The decision, however, was symbolic, since Temer's allies replaced 17 of the 66 members of the committee to tilt the score in favor of the President. Besides that, the House floor will still vote on the topic.

?lvaro Bandeira, chief economist at Homebroker Modalmais, believes that Ibovespa could remain in the black. "There is a more positive picture for the index, especially with an improving external scenario," he said.

Ignacio Crespo, an economist at Guide Investimentos, does not rule out profit-taking in commodities tomorrow, which could cause the index to drop slightly.

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