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Financial News: BRAZIL: Ibovespa Rises 2.26%, Rebounding On Banking Shares

BRAZIL: Ibovespa Rises 2.26%, Rebounding On Banking Shares And Copom

06/19/2018 - 18:46:00 (RTTNews)

(RTTNews) - After falling in four consecutive trading days, the Ibovespa closed up 2.26% to 71,394.34 points Tuesday, showing a correction due to the good performance of the financial sector, Petrobras and the expectations on the maintenance of the Selic rate. The Brazilian Central Bank's Monetary Policy Committee (Copom) decision is expected for Wednesday night.

"The stock exchange is going through a correction of this recent strong downward movement and there are positive expectations, such as Copom keeping interest rates unchanged," said Terra Investimentos analyst Regis Chinchila.

For him, if the Selic rate is maintained, as expected by 100% or 31 of the brokerage houses consulted by Ag?ncia CMA, it is a sign that the Central Bank is confident that the scenario of great volatility that has been seen can improve, noting that today the monetary authority has not acted with auctions in the foreign exchange market, as it has been doing daily. Even so, the locally traded U.S. dollar rose only 0.10%, to R$ 3.7450.

Rafael Passos, an analyst at Guia Investimentos, said that the prospect of interest rate stability is positive because "it has contributed to the gains of the financial papers, as well as to the variable-income assets."

In recent days, there was speculation that the Brazilian Central Bank could raise the Selic in the face of the stronger U.S. dollar against the Brazilian real and rising interest rates in the United States.

The Banking sector moves the Ibovespa higher. Banco do Brasil's shares rose 7.01%), Santander's gained 5.36%, and Itau Unibanco increased 4.51%.

The shares of Petrobras (+6.34%) were also among the best performances amid rumors that the government wants to pay for the renegotiation of the transfer of rights this year. The highest increase was recorded by Rumo's shares (+7.96%).

The sharpest losses were recorded by the shares of the paper and pulp sector, such as Suzano's (-4.95%) and Klabin's (-1.97%), returning recent gains in the FX market. Vale's shares (-1.84%) also had a negative day, reflecting a drop of more than 3% in iron ore due to greater trade tension between China and the United States.

For Wednesday, Chinchila expects that the market should keep on waiting for Copom's decision while tracking the FX market amid uncertainty in the external scenario.

For comments and feedback: contact editorial@rttnews.com

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