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Financial News: BRAZIL: Ibovespa Rises For The Third Day In

BRAZIL: Ibovespa Rises For The Third Day In A Row, Soars 4.8% In July

07/31/2017 - 21:42:00 (RTTNews)

(RTTNews) - Ibovespa, the main stock index in Brazil, rose for the third consecutive day Monday, by 0.65%, and closed at 65,920.36 points, boosted by rising iron ore prices - which gave support to Vale's shares.

In July, the positive scenario for commodities abroad and the reduced political news due to the Congressional recess allowed Ibovespa to rise 4.8%, returning to levels last seen before the JBS plea-bargain deal with Brazilian authorities - which implied President Michel Temer in a corruption investigation.

Iron ore prices rose 7% after the Chinese government's statements regarding cuts to the local steel production. Vale's shares ended higher (VALE3 +3.72%, VALE5 +3.31%) and were among the best performers of Ibovespa today. Bradespar (BRAP4 +4.29%), Vale's shareholder, and CSN (CSNA3 +2.27%) also tracked this move.

Oil prices also performed well, rising almost 1% abroad and recording a 8% gain in the month. Petrobras' shares were boosted by those increases (PETR3 +1.17%, PETR4 +1.29%).

Meanwhile, the locally traded US dollar closed down 0.51%, at R$ 3.11190. Investors are still worried about the United States economy lack of impetus.

For the coming days, analysts believe that the Ibovespa may continue in a positive trend, although the end of the parliamentary recess - and the proximity of a House of Representatives vote that could oust the president from office - could again bring uncertainties in the political front.

According to Bradesco Corretora, "the week promises to be intense" since, in addition to the return of the Congress, the minutes of the central bank's meeting is also due tomorrow and could shed more light on the monetary authority plans for the benchmark interest rate.

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