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Financial News: BRAZIL: Ibovespa Rises Above 74,000 Boosted By Rising

BRAZIL: Ibovespa Rises Above 74,000 Boosted By Rising Commodity Prices

11/06/2017 - 21:05:00 (RTTNews)

(RTTNews) - After falling almost 3% last week, the Ibovespa recovered some ground and rose 0.53% to 74,310.79 points on Monday. Rising crude and iron ore prices abroad boosted the shares of Petrobras and Vale, both heavyweight constituents of the Brazilian benchmark stock index.

"The stock market rose supported by commodities, with Vale and Petrobras on the rise. This week's agenda is still a bit weak," said Magliano Corretora's analyst Pedro Galdi. He added that investors are still waiting for the release of quarterly corporate results expected for the next few days.

Iron ore prices increased more than 3% in the Chinese futures market, supporting stocks from Vale (+2,39%) and steelmakers Usiminas (+6.23%) and CSN (+5.26% ).

Eletrobras shares were also up more than 5% after the Brazilian Planning Minister Dyogo Oliveira said that the country's government intends to reduce its stake in Eletrobras to less than 40%, from around 63% currently.

The local political scene, however, remains on the market radar.

"[Government] allies are rebelling and unwilling to leave their fingerprints in unpopular measures in the pre-election year, which embarrass the government regarding the fiscal adjustment," said the team of Lerosa Investimentos in a report.

Meanwhile, the locally traded U.S. dollar gave up some of Friday's gains against the Brazilian real in a volatile session. The greenback closed down 1.45%, at R$ 3.26. It was the biggest decline since May 19, when it fell 3.92% at closing.

The dollar depreciation was due to a technical reversal after accumulating significant highs last week and exceeding R$ 3.30, the highest level of the last four months.

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