The main index of the Brazilian stock market advanced this Tuesday, supported by stocks of Petrobras and the financial sector, although Wall Street pointed to a fall on the holiday return.
The state oil company rose on a bullish day for oil and after recent losses. In addition, the government formalized a request for Petrobras to be included in the Investment Partnership Program (PPI) portfolio. Vale fell at the opposite end.
At 12:18 (from Brasilia)O Ibovespa rose 0.39% to 111,463.71 points. The index was heading to close the month up 3.6%. The financial volume was 7.5 billion reais.
“Ibovespa separates itself from international peers, which are focused on advancing inflation. That’s because the Ibovespa has a great weight of companies like Petrobras and Eletrobras, which have shown recovery after retreating in recent days”, said Simone Pasianotto, chief economist at Reag Investimentos.
On Wall Street, the main stock indexes fell between 0.4% and 0.6%, in the face of a rise in oil, which generates fears of inflation, and after comments by a member of the Federal Reserve (Fed). Investors await a conversation between the President of the United States, Joe Bidenand the chairman of the Fed, Jerome Powell, in the afternoon. In the euro zone, most indices retreated after higher-than-expected inflation data.
The unemployment rate in Brazil reached the lowest level since the beginning of 2016 in the quarter to April, at 10.5%, the IBGE said earlier, surpassing analysts’ expectations, reaffirming a more positive mood for the Brazilian stock market.
The president of the Central Bank (BC), Roberto Campos Netoparticipates in a public hearing at the House of Representatives Consumer Rights Committee at 2 pm.
highlights
Petrobras (PETR3; PETR4) was up 0.5% after two sessions of strong declines. Oil rose after European Union leaders agreed to cut 90% of Russian oil imports to the bloc by the end of the year. Here, the government asked for Petrobras to be included in studies for privatization. 3R Petroleum (RRRP3) expanded 3.2% and PetroRio (PRIOR3) had an increase of 1.5%.
Bank of Brazil (BAAS3) expanded 2.7%, after five consecutive declines. Itaú Unibanco (ITUB4) grew by 1.5%.
OK (VALE3) was down 1.6%, even as iron ore futures in Dalian rose as restrictions against Covid-19 in China eased. Steel stocks operated in different directions.
Marfrig (MRFG3) grew by 4.9%. The meatpacker stated that its controllers now hold a 50.04% stake in the company.
IRB (IRBR3) shot up 7.1% after two falls.
CPFL (CPFE3) was down 1.4%, the fourth drop in the last five sessions, and VIBRA ON was down 2%.
Embraer (EMBR3) increased by 2.6%. An executive at the aircraft manufacturer said this morning that the company is still working on the delivery of 22 KC-390 aircraft to the Brazilian Air Force (FAB), after the FAB showed its intention to cut the order to 15 units.
electrobras (ELET3) increased 0.7% and ON shares rose 1.6%.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
