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Financial News: BRAZIL: Ibovespa Rises On Commodities

BRAZIL: Ibovespa Rises On Commodities

07/24/2017 - 21:07:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose by 0.64% Monday, closing at 65,099.55 points, driven by commodity-linked stocks and the consumer sector.

Investors await a significant volume of economic data in the days ahead, as well as corporate earnings and monetary policy decisions in Brazil and the United States.

Vale's shares (VALE3 +2.21%, VALE5 +2.50%) were up on higher iron ore prices abroad. Gerdau Metal?rgica's shares (GOAU4 +4.18%) tracked the movement and posted the largest increase for an Ibovespa constituent today. Steelmakers also performed well, such as CSN (CSNA3 +3.12%). In addition to iron ore, gains of more than 1% in future oil contracts abroad helped Petrobras' shares (PETR3 +1.05%, PETR4 +1.49%).

Stocks from retail companies, like Grupo P?o de A??car (+3.32%), rose amid expectation of another cut in the Brazilian benchmark interest rate this week.

The locally traded US dollar, meanwhile, sketched some reaction and grew 0.15% after heavy losses last week, closing at R$ 3.1480. There was no particular reason to justify the advance, and investors are cautiously waiting for monetary policy decisions in Brazil and the US.

In a report, analysts at Lerosa Investimentos said that Brazil's Copom and US' Fed meetings "could leave the scenario benign for a few days."

Analysts also stressed that the market should begin to re-watch the government's articulations in the week preceding the vote on the criminal complaint against President Michel Temer, scheduled for August 2.

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