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Financial News: BRAZIL: Ibovespa Rises 0.69% As External Relief Boost

BRAZIL: Ibovespa Rises 0.69% As External Relief Boost Emerging Market Assets

12/19/2017 - 00:03:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 0.69% to 73,115.44 points, amid an increased risk appetite from foreign investors and higher iron ore prices. Stock options expiry added trading volume to Monday's session.

"Today it did not have a lot of drivers moderate turnover. What helped the index more was the iron ore that rose in China," said H. Commcor chief operating officer, Ari Santos.

According to Ignácio Crespo, an economist at Guide Investimentos, there was a general improvement for risky assets in the foreign market because of the decline in emerging countries' CDS spreads. According to him, rising commodity prices pulled Vale's and Petrobras' shares 2.57% and 1.8% higher, respectively.

Crespo and Santos said that as the end of the year comes closer, trading volume should diminish. Santos said that tomorrow the Ibovespa will probably tread water.

Meanwhile, despite closing the session influenced by the external market, the locally traded U.S. dollar remained around R$ 3.30, still reflecting the pension reform postponement to 2018. The greenback fell 0.27%, closing at R$ 3.299.

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