By Aluisio Alves
SAO PAULO (Reuters) – Shares of Brazilian companies in metallic commodities and those linked to oil rose sharply this Monday, squeezed between the weekend and the holiday, taking the main Brazilian stock index above 113,000 points.
At 12:24 pm, the Ibovespa showed an increase of 0.7%, to 113,634.02 points. The financial turnover of the session totaled 10.8 billion reais, with the volume also hampered by less movement on Wall Street, due to the bank holiday in the United States (Columbus Day).
For market professionals, while raw material stocks gain, those in consumer-related sectors lose in the face of higher inflation.
Therefore, agents’ attention should focus on inflation and retail sales data for the United States, in the minutes of the last monetary policy meeting of the Federal Reserve.
Another point of attention is the start of the third-quarter swing season on Wall Street, including JPMorgan, Bank of America, Morgan Stanley and Citigroup and Goldman Sachs.
According to the chief economist of modalmais, Alvaro Bandeira, given issues such as the risk of a budget lock in the US and new indicators showing rising global inflation, “investors should continue with a more protective behavior”, also limiting gains on the Brazilian stock exchange .
– PETRORIO was up 5.85%, still in the wake of Friday’s news that Petrobras had chosen a bid from the PetroRio and Cobra consortium for the Albacora offshore oil field, Reuters reported citing sources. PETROBRAS rose 2.2%, also reflecting high oil prices.
– VALE advanced 3.4%, in the wake of the jump in iron ore prices in China, after a flood in the country’s main coal producer intensified supply fears for the steel industry. CSN was valued at 1.3%, while USIMINAS grew by 2.3%.
– VIBRA, ex-BR Distribuidora, rose 2.4%, after having announced Friday night that it had closed a 3.25 billion reais deal to buy 50% of the energy trader Comerc.
– EMBRAER had gained 6%. The company said this morning that it had received from NetJets, Warren Buffett’s Berkshire Hathaway airline, an order for up to 100 aircraft, totaling more than 1.2 billion dollars.
– BANCO PAN fell 5.2%, while BANCO INTER was down 6.2%, highlighting the continued pressure on shares of companies based on accelerated growth plans, as expectations for interest rates in Brazil continue to rise. MAGAZINE LUIZA lost 1.8%.
– B3 was down 1.4% after Credit Suisse cut the target share price for the next 12 months, citing expectations of lower earnings and higher risk of losses in process related to a lawsuit involving 31 billion reais.
– CVC was down 0.5%. The tour company said in the morning that it had partially restored its IT systems after suffering a cyber attack on the 2nd.
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