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Financial News: BRAZIL: Stocks Rise Led By Financial Sector Shares

BRAZIL: Stocks Rise Led By Financial Sector Shares

05/22/2018 - 20:08:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 1.13% to 82,738.88 points Tuesday, boosted by financial sector shares after three consecutive days of losses. Ital Unibanco (ITUB4 +2.42%), Bradesco (BBDC4 +2.86%) and Banco do Brasil (BBAS3 +2.14%) all ended higher.

Petrobras was down 2.30% compared to the start of the session. Traders were worried that the government could force the state-owned oil firm to change its fuel price policy to curb price increases to gasoline and diesel oil.

However, the Brazilian House of Representatives speaker, Rodrigo Maia, announced that the government agreed to eliminate one of the federal fuel taxes if the Congress manages to pass a bill that ends a payroll tax relief.

Ari Santos, H.Commcor's trading desk manager, said that Maia was trying to please both the financial markets and Brazilian consumers.

"If that is really the truth, then it should calm things a bit. Nobody wants to see strikes in an election year, but at the same time the markets do not want to see Petrobras hurt," he said.

Analysts believe that Ibovespa could show volatility in the next sessions.

"The index needs to consolidate above the 86.300 points to climb further in the short-term," said Banco Safra's analyst, Yuri Pereira.

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