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Financial News: BRAZIL: Ibovespa Rises Again And Ends Above 81,000

BRAZIL: Ibovespa Rises Again And Ends Above 81,000 Points, A New Record

01/17/2018 - 20:26:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 1.7% Wednesday to 81,189.47 points, a new settlement record, influenced by a "rampant euphoria," said Codepe Corretora's chief economist José Costa. According to him, there is a steady foreign capital inflow in Brazilian stock markets which keeps optimism amid local investors.

Petrobras' preferred shares closed up 3.9%, driven by talk that the Brazilian government would have to pay around US$ 15 billion to the company related to the so-called "transfer of rights" agreement, said Luis Gustavo Pereira, the strategist at Guide Investimentos.

Petrobras paid the Brazilian government to extract 5 billion oil barrels in the transfer of rights area, but since then oil prices fell, making room for a payback,

According to Pereira, the lack of negative news also influenced Ibovespa's behavior.

"The S&P 500 has done well today regarding risk-taking, we are in a rally. There are abundant liquidity and a strong pace of asset inflows," Pereira said.

For Thursday, Pereira and Costa do not rule out a "natural" profit-taking movement for the index. But Pereira sees that there is still high momentum.

The locally traded U.S. dollar lost strength in the international scenario and reflected in the domestic market, with the appreciation of the Brazilian real against the greenback, which closed down by 0.37%, quoted at R$ 3.217.

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