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Financial News: BRAZIL: Ibovespa Rises 2% Tracking Commodities

BRAZIL: Ibovespa Rises 2% Tracking Commodities

04/18/2018 - 22:02:00 (RTTNews)

(RTTNews) - Ibovespa, the Brazilian benchmark stock index, closed up 2.01% at 85,776.46 points Wednesday, tracking the appreciation of metal commodities and crude oil prices, as well as China's decision to reduce the compulsory banking - a way of stimulating the economy - even after the country recorded more than expected economic growth in the first quarter of the year.

"Outside, the climate is very positive for emerging markets, especially for the appreciation of commodities," said Rafael Passos, an analyst with Guide Investimentos.

The price of WTI future contracts rose 2.9%, to US$ 68.47 a barrel, the highest level since December 2014. Petrobras' preferred shares rose 3.66%. Vale's stocks gained 3.37%.

The highlight of the session, however, was the BRF, whose stocks rose 9.55% after the Brazilian government released factories for export to the European Union and a possible election of Pedro Parente as chairman of the company's board.

Meanwhile, the shares of EDP (-2.78%), RD (-1.69%), and Cosan (-1.55%) closed lower.

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