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Financial News: BRAZIL: Ibovespa Rises For The Eighth Session, Hits

BRAZIL: Ibovespa Rises For The Eighth Session, Hits Closing Record

01/03/2018 - 20:01:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed higher for the eighth consecutive session (+0.13%) Wednesday and ended the day at a new settlement record of 77,995.16 points.

The good mood seen Tuesday continued in Wednesday's trading session, bolstered by the positive external scenario and more aggressive investor positions earlier this year. Shares of Petrobras, Embraer, and steelmakers ended higher and boosted the index.

During the day, the Ibovespa reached a 78,413.89 points high, but decelerated after the Federal Reserve minutes showed that the U.S. central bank should continue to increase interest rates gradually, in spite of concerns about stimuli such as tax cuts in the country.

Petrobras' preferred shares (PETR4 +0.91%) ended higher after the company agreed to pay US$ 2.95 billion to settle lawsuits filed by investors in the United States. Embraer's shares (+3.80%) posted the highest Ibovespa gain still on reports about a possible deal with US-based Boeing.

Steel stocks, such as CSN (+3.69%) and Usiminas (+3.33%) also had strong increases. CSN confirmed today that it would raise steel prices from 18% to 23% for automakers and appliances this month. Other steelmakers could follow the move.

For the next few days, analysts are optimistic, but they do not rule out a profit-making move at some point.

Meanwhile, on another day of losses, the locally traded U.S. dollar closed the second trading session of the year in decline (-0.73%), at R$ 3.237, and breaking the level of R$ 3.23 during the session, which was not seen since December 6. The favorable climate for risky assets abroad, which has reflected in the domestic market, contributed to the decline of the US currency. The latest data released on the Brazilian economy also boosted the local currency.

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