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Financial News: BRAZIL: Steelmakers And Rising Risk Appetite Lead Ibovespa

BRAZIL: Steelmakers And Rising Risk Appetite Lead Ibovespa To A New Record

01/04/2018 - 18:48:00 (RTTNews)

(RTTNews) - Investors' good mood and an increased risk appetite abroad boosted the Ibovespa, which rose for the ninth consecutive trading session on Thursday, gaining 0.84% to 78,647.42 points - a new settlement record. The upward move in steelmaker shares also helped the index to end higher.

During the trading session, the Ibovespa surpassed 79,000 points, reaching 79,134.69 points, but returned part of those gains late in the afternoon amid light profit-taking.

"The turnover is good, and money is coming into Brazil, not only in the stock market, and some steelmakers papers are helping," said José Costa, an economist at Codepe Corretora.

Usiminas shares (+5.65%) had the best performance amid Ibovespa's constituents, followed by Gerdau (+5.64%), Gerdau Metalúrgica (+3.65%) and CSN (+3.11% ). All of those companies are steelmakers.

On Wednesday, CSN raised the steel price by up to 23% for automakers and other industrial consumers, a move that should be followed by other steel sectors companies.

The U.S. stock markets also remained positive and broke records, amid better economic indicators.

"The favorable outlook for risky assets and the better outlook for the Brazilian economy overlaps negative news and uncertainties with the country's fiscal situation," wrote Guide Investimentos analyst Rafael Passos in a report.

The locally traded U.S. dollar closed down for the third consecutive session against the Brazilian real, tracking the good mood of the external scenario, more favorable for risky assets, and the improvement in the outlook for the Brazilian economy. As a result, the currency fell 0.06%, quoted at R$ 3,235.

For the next few days, however, analysts expect a profit-taking in the local market.

"There is a lot of euphoria, and we are already in the ninth trading session higher. The market starts to exaggerate a bit," warned Costa.

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