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Financial News: BRAZIL: Stocks End Higher Amid Lower Domestic And

BRAZIL: Stocks End Higher Amid Lower Domestic And External Uncertainty

05/08/2018 - 20:18:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, ended 0.29% higher at 82,956.05 points Tuesday as external uncertainty diminished after the United States' decision to withdraw from a deal to curtail Iran's nuclear activities.

According to Guide Investimentos analyst, Rafael Passos, even although the U.S. decision to leave the Iran deal was not entirely positive, it removed some degree of market uncertainty and allowed a slight improvement in the U.S. stock indexes.

The Brazilian political perspective also boosted the Ibovespa: Joaquim Barbosa, a former Supreme Court Justice, has officially given up on running for president this year. Investors saw the news as positive, betting that the decision would strengthen the candidacy of Geraldo Alckmin.

"The no-candidacy of Joaquim Barbosa caused the market to return to see a greater possibility of a second electoral round with Alckmin. Besides that, positive earnings reports from Petrobras and Magazine Luiza helped the index to rise," said Terra Investimentos analyst, Regis Chinchila.

Petrobras preferred shares rose 1.15%. "Not only the net income was good, but there was dividends," said Chinchila.

The locally traded US dollar rose 0.42%, to R$ 3.5680, the highest settlement level since June 2, 2016, as investors took a more cautious note of the White House decision to withdraw from the Iran deal.

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