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Financial News: BRAZIL: Stocks End Higher Ahead Of A Holiday,

BRAZIL: Stocks End Higher Ahead Of A Holiday, But Lose Nearly 11% In May

05/30/2018 - 21:04:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index, ended higher for the second consecutive session, rising 0.89% to 76,753.61 points Wednesday, tracking stock indexes abroad ahead of a local holiday that will keep markets closed.

The external mood improved as the Italian government managed to find decent demand for long-term bonds in a sovereign debt auction, in spite of a turbulent political landscape in the country.

"Global markets traded higher after a decrease in tensions related to Italy, and domestically there is evidence that the trucker strike is losing strength, with smaller fuel shortages," said Levante Investimentos chief-strategist, Rafael Bevilacqua.

Petrobras shares, however, ended lower despite an increase in oil prices abroad and a statement from the Brazilian Presidency that it is not interested in changing the company's fuel pricing policy.

Analysts say that the state-owned oil company was severely hit by the Brazilian truck drivers strike. "There is too much speculative pressure on the stocks. A lot of people bought the stocks yesterday to sell them today," said Jose Costa, the chief economist of Codepe Corretora.

The locally traded U.S. dollar fell 0.08%, as investors squared their positions ahead of significant data releases expected for Thursday when local markets will remain closed due to a holiday.

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