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Financial News: BRAZIL: Ibovespa Rises More Than 1% With External

BRAZIL: Ibovespa Rises More Than 1% With External Scene, Steel, Petrobras

01/11/2018 - 21:57:00 (RTTNews)

(RTTNews) - After two days declining, the Ibovespa jumped 1.49% Thursday, closing at 79,365.44 points, supported by shares of steelmakers, banks and Petrobras amid a more favorable external scenario.

Gerdau shares (+8.16%) posted the highest increase amid the Ibovespa's constituents, followed by other steelmakers such as CSN (+5.85%) and Usiminas (+5.36%). The news that CSN raised steel prices to distributors by about 12%, after increasing prices for automakers, boosted share prices.

Also, BTG Pactual has raised recommendations for the shares of CSN and Usiminas and reiterated the "buy" rating for Gerdau, raising its target price from R$ 15.00 to R$ 18.00 per share.

Spinelli Corretora analyst Glauco Legat points out that banks' stocks also performed well and helped the Ibovespa rise, rebounding after recent profit-taking, especially Itaú Unibanco (+2.09%) and Banco do Brasil (+2.28%).

Petrobras' shares (+2.67%) rose reflecting oil prices abroad to the highest level in more than three years.

"The [Ibovespa's] performance, better than we expected in the morning, still seems to be supported by an external scenario that still contributes to risky assets around the world," said Rafael Passos, an analyst at Guide Investimentos.

In Brazil, analysts see the market anticipating a possible conviction against the former president Luís Inácio Lula da Silva in his trial, scheduled for January 24. A conviction could disrupt Lula's intention of running for President again in October. Meanwhile, investors are still waiting for the possible approval of the pension reform in February.

"The market is always anticipated, they may have economic agents already putting future expectations in their models," said Spinelli's Legat, without ruling out, however, that the Ibovespa may have further corrections ahead.

The locally traded U.S. dollar ended the session in decline, tracking the movement of the currency abroad, which depreciated against its peers and the main emerging currencies. U.S. production data for December influenced the decline. As a result, the greenback fell 0.30%, quoted at R$ 3.22.

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