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Financial News: BRAZIL: Ibovespa Shows Last Minute Rally, Rises More

BRAZIL: Ibovespa Shows Last Minute Rally, Rises More Than 2%

11/08/2017 - 16:35:00 (RTTNews)

(RTTNews) - After receding 2.55% yesterday, the Ibovespa rose 2.69% Wednesday, closing at 74,363.13 points. The benchmark stock index in Brazil spiked in the last trading hour amid reports that the government is gathering support for a smaller pension system reform.

On Tuesday, investor mood had soured by the exactly contrary perception, that the government had "thrown the towel" regarding the pension reform.

"Yesterday the market sent a message to the government, so it did not stop with the pension reform. And the market is getting what it wanted," said Eleven Financial Research chief strategist Adeodato Volpi Netto.

In his opinion, several statements and demonstrations that there is a political mobilization to approve the bill were given throughout the day, helping to correct Tuesday's decline.

For Mirae Corretora's chief operating officer, Pablo Spyer, the market now "is breathing a little more relieved" and approves the reform even if it is leaner than before.

As a consequence, almost all stocks traded at Ibovespa closed higher. The highest appreciation in the Ibovespa was from Marfrig shares (+9.02%), followed by Usiminas (+7.78%). Blue-chips such as Petrobras (+2.48%) and Itaú Unibanco (+3.65%) also posted strong gains. The exception was Embraer's shares (-0.98%).

Meanwhile, in a day of volatility and line with foreign markets, the locally traded U.S. dollar fell 0.39%, quoted at R$ 3.264. Throughout the day, the quotation reached R$ 3.24, but regained breath. In the local market, investors turned to their attention the unfolding of the pension reform bill in the House of Representatives.

For the next few days, analysts believe that the pension reform should remain in focus. Volpi Netto believes that the stock exchange may once again show a more positive tone. For his turn, Spyer expects that the market can still be more cautious.

"We have to wait for the new chapters," he warned. "There are still doubts as to whether the government will have enough votes and enough time to move on with the reform this year."

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