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Financial News: BRAZIL: Ibovespa Rises Again On Data And Adjustment

BRAZIL: Ibovespa Rises Again On Data And Adjustment After Six Sessions Down

10/01/2017 - 17:26:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.99% at 74,293.51 points Friday, snapping a sequence of six negative trading sessions as investors adjusted positions amid more positive data on the Brazilian and the U.S. economies. In the week, however, Ibovespa fell 1.45%. In the month, despite the last few days of profit-taking, the Ibovespa still accumulated a 5.55% high.

"There were some opportunities, there were some papers that were discounted and some that became cheap after six days of decline," said DNAInvest partner Sandro Dias.

Among the stocks that showed recovery and helped the Ibovespa increase, are steelmakers, such as CSN (+5.73% CSN), and Vale (VALE3 +0.98%), recovering after strong declines in the week. The shares of Itaú Unibanco (ITUB4 +1.21%) also performed well. On the opposite direction, pulp and papermills stocks, such as Suzano (SUZB5 -1.97%), were among the biggest losses.

Dias also points out that better data from the Brazilian economy have maintained a greater optimism among market players.

Meanwhile, the locally traded U.S. dollar closed down 0.47%, settling at R$ 3,168, amid decreasing odds of higher interest rates in the United States so soon, after core inflation declined from 1.4% to 1.3% between July and August, keeping the rate below the Fed's 2% target.

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