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Financial News: BRAZIL: Ibovespa Rises With Lower Risk Aversion

BRAZIL: Ibovespa Rises With Lower Risk Aversion

04/12/2018 - 19:10:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.23%, at 85,443.53 points, influenced by the lower risk aversion in the foreign market, after U.S. president Donald Trump softened his threats of intervention in Syria. Meanwhile, the rise in metal commodities prices boosted Vale and steelmakers' shares. However, the 1.8% drop in Bradesco's preferred shares limited the index's gains.

"Today was a day without much movement, although volatile. The only highlight was Bradesco, which fell with the news that [Antonio] Palocci can make a plea-bargain and reach two large financial institutions: it was understood that one of them would be Bradesco," said Ivan Kraiser, chief manager at Garin Investimentos.

According to Guide Investimentos analyst Rafael Passos, the rise in foreign markets, combined with a decrease in the geopolitical risk of an indirect confrontation between Russia and the United States in Syria, lightened the mood.

Via Varejo's shares had the highest increase of the day (+4.94%) amid rumors that Amazon would be interested in buying the company, while Gerdau gained 3.77%. On the lower side, Telefonica Brasil fell 3.01%, Ambev lost 2.38%, and Bradesco's common shares dropped 2.05%.

Meanwhile, after two consecutive declines, the locally traded U.S. dollar rose again, ending the trading session at R$ 3.407 (+0.59%). The rise reflected the caution in the foreign markets with the geopolitical tensions.

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