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Financial News: BRAZIL: Ibovespa Rises To New Record Amid Euphoria

BRAZIL: Ibovespa Rises To New Record Amid Euphoria Over Lula Conviction

01/28/2018 - 15:39:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 2.21% and closed Friday at a record level of 85,530.83 points, still influenced by the conviction of the former President Luiz Inacio Lula da Silva by a higher court on Wednesday.

Trading volume was twice the average. In the week, the Ibovespa rose 5.3%.

"The market is holding on to the perspective that with Lula weakened and, most likely, out of the election, there is room for centrist candidates to gain importance in the presidential race," said the economist Ignacio Crespo, from Guide Investimentos.

The international market influenced the strong capital inflow, said Magliano Corretora analyst Pedro Galdi. According to him, the flow began shortly after the opening of North American markets.

"But it's still euphoria hold a political campaign, decreasing the likelihood of a non-reformist candidate winning the election," Galdi said.

For the coming week, data about U.S. consumption will be the leading market driver.

"If the index comes stronger, giving a surprise, it may cause a correction in the markets here, but the basic scenario still indicates that the index may rise," Crespo said. For Galdi, the strong market high in recent weeks makes room for profit-taking "soon, if not on Monday."

The locally traded U.S. dollar closed slightly higher against the Brazilian real on a day of correction of the losses that occurred this week in the domestic market, mainly reflected by the court decision which maintained the conviction and increased the sentence for Lula. As a result, the U.S. currency rose 0.06%, quoted at R$ 3.141. In the week, the exchange accumulated fall of 1.90%.

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