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Financial News: BRAZIL: Ibovespa Surpasses 80,000 Points, Gives Up Gains

BRAZIL: Ibovespa Surpasses 80,000 Points, Gives Up Gains But Renews Record

01/16/2018 - 23:46:00 (RTTNews)

(RTTNews) - After breaking the 80,000-point barrier for the first time, the Ibovespa gave up gains and ended 0.10% higher Tuesday at 79,831.76 points - a new record settlement - tracking stock markets abroad.

The good mood abroad sustained a positive moment of the benchmark stock index in Brazil, with the American exchanges operating in historical maximums. The Dow Jones surpassed the 26,000 points mark for the first time, driven by earnings season and the U.S. economy performance. However, it zeroed in on gains throughout the day.

"In general, the global scenario is very calm and positive, the world is still very liquid and with interest and inflation still low. In Brazil, with Congress in recess and no news, we tracked this global wave of risk-taking "said Elite Broker economist Hersz Ferman.

Among the shares, Petrobras' was the highlight of the session (+1.73%). The company announced a new record in oil production in the country. Bank shares also closed in blue, such as Itaú Unibanco (+0.92%).

Meanwhile, Vale's shares (-2.69%) closed lower as Deutsche Bank has reduced the miner's recommendation from 'buying' to 'keep.'

The locally traded U.S. dollar closed higher for the second straight day, seeking recovery from losses in the first days of the year after the currency's appreciation in the global market and the mood of investors abroad. As a result, the greenback rose 0.59%, quoted at R$ 3,229.

For the next few days, although analysts point out several reasons for maintaining the good momentum, such as the strong inflow of foreign resources in the stock market, they do not rule out that there may be profit-taking.

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