By Paula Arend Laier
SAO PAULO (Reuters) – The Ibovespa closed higher for the second trading session in a row this Wednesday, reflecting relief with the approval of the PEC of Precatório in the Chamber of Deputies, while Bradesco’s shares soared after bank executives adopted a more positive tone for 2022.
The slump on Wall Street, amid worries about inflation, and declining oil prices [L1N2S12SQ], which weakened Petrobras, reduced their breath on the São Paulo stock exchange. Another negative weight was the fall of Braskem after less optimistic perspectives on petrochemical spreads.
Reference index of the Brazilian stock market, the Ibovespa advanced 0.41%, to 105,967.51 points, increasing the high in November to 2.38% – after four consecutive months of fall, in which it accumulated a decline of more than 18% . At the best moment of the day, the Ibovespa reached 107,407.42 points. The financial volume totaled 32.4 billion reais.
Deputies approved in the second round on Tuesday night the PEC that changes the rules of precatório and opens fiscal space for granting a temporary social benefit of 400 reais by the end of 2022, an election year in which President Jair Bolsonaro should seek the re-election.
This outcome occurred even after the STF formed a majority in favor of Minister Rosa Weber’s decision to suspend the budget execution of the rapporteur’s amendments, an instrument known as the “secret budget” and used in the negotiations to approve the PEC – which still needs to be approved in the Senate .
In the view of the investment director at Reach Capital, Ricardo Campos, even if the PEC is not the best measure and it may still face difficulties in the Senate, the approval of the text in the Chamber leaves a positive message. “It reduces uncertainty a little and the pressure for more spending is contained.”
According to Ouro Preto Investimentos analyst Bruno Komura, this sentiment was also reflected in other markets, such as future interest rates, with the curve reducing its inclination “because the very short-term uncertainties are reducing”. And this movement, he added, benefits several sectors.
The session also had the backdrop of the higher-than-expected IPCA in October, endorsing bets of an even stronger Selic increase next month, as well as a speech by President Sergio Moro during his affiliation with Podemos.
HIGHLIGHTS
– BRADESCO PN soared 5.65%, in a session of strong increase in the sector’s securities on the Ibovespa and after the bank’s chief executive, Octavio de Lazari, estimated growth in fee income above inflation in 2022. ITAÚ UNIBANCO PN advanced 2 .53%.
– BRASKEM PNA dropped 11.88%, even after a robust result in the third quarter, with the company envisioning a less favorable petrochemical spread environment next year compared to that seen by the company in the third quarter, when it achieved a record in cash generation.
– PETROBRAS PN retreated 0.79%, in the wake of the decline in oil prices abroad, where Brent closed down 2.5%.
– PETZ ON appreciated 5.09%, in the second relevant increase in a row after the announcement of strong results for the third quarter, in addition to plans to accelerate store openings. Earlier, it announced an offering of shares in the order of 850 million reais to finance its strategy.
– MRV ON closed up 4.69%, following a 17.5% growth in profit in the third quarter, benefiting from strong sales of its AHS division in the United States. The trajectory of future interest rates also helped, with the housing sector index rising 2.97%.
– VALE ON yielded 0.38%, with iron ore futures contracts from Dalian, China, reaching their lowest level in a year, as demand concerns intensified due to restrictions on China’s steel production and the worsening of the liquidity crisis in the country’s real estate sector.
– VULCABRAS ON, which is not listed on the Ibovespa, soared 10.29%, the biggest increase in the Small Caps index, after reporting a third-quarter balance sheet with record revenues and net income, as well as announcing an early distribution of dividends.
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