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Financial News: BRAZIL: Ibovespa Sets Fresh Closing Record Amid Optimism

BRAZIL: Ibovespa Sets Fresh Closing Record Amid Optimism For Economy

09/18/2017 - 22:05:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 0.3% Monday, settling at 75,990.40 points and setting a fresh closing record.

Stock options expired at Ibovespa, which raised the financial turnaround to almost R$ 14 billion, tracking the market players optimism with the resumption of the Brazilian economy after a central bank survey revealed that economists revised their GDP growth estimate for 2018 upwards, to 2.2%, from 2.1%.

"What made price today was the expiring options and the expectation that the Brazilian economy should continue to improve," said Álvaro Bandeira, the chief economist at Homebroker Modalmais.

In the business field, the highlight was the 3.95% drop in JBS shares. The meat-packer was affected by the appointment José Batista - Joesley and Wesley's father - to the company's chairmanship. The appointment was questioned by JBS' largest shareholder, the Brazilian National Bank for Economic and Social Development (BNDES).

Meanwhile, the locally traded U.S. dollar ended up 0.64%, at R$ 3.1360, reflecting the greenback's appreciation abroad, with investors waiting for the U.S. Federal Reserve's board meeting.

For Tuesday, analysts do not expect data strong enough to lead investors to a profit-taking in the Brazilian stock market, suggesting a new day of records for the Ibovespa.

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