O Ibovespa (IBOV) hit a strong upward movement this Wednesday (8), pulled mainly by the banking sectorwhich jumped after the results released by the Itau (ITUB4).
The reference index of the Brazilian Stock Exchange appreciated by 1.81%, to 109,785.04 points, according to preliminary data. Itaú’s shares jumped around 8%, also raising the share of Itaúsa (ITSA4), which showed gains of 7.84%.
The bank’s recurring net income of BRL 7.66 billion in the fourth quarter of 2022 did not meet market consensus expectations, while provisioning increased in the period (the market points out Americans [AMER3] as the main person).
Despite this, analysts liked the resilience of Itaú’s data, delivering a 19% ROE (return on equity).
Leandro Petrokas, research director and partner at Quantzed, points out that, with the provision to cover 100% of the credit exposure with Americanas, Itaú eliminates all the “Americanas effect” in the balance sheet for the fourth quarter of 2022.
“The market, in addition to having enjoyed it, understands that expectations remain positive for the case, so it is the great highlight of today”, reinforces the analyst.
In addition to Itaúsa, other stocks in the financial sector rose. Until Bradesco (BBDC4), quoted to be one of the negative highlights of the industry in this earnings season, closed at an increase of 5.04%. The company discloses its balance sheet this Thursday (9), after the closing of the market.
Among the financial ones, the pan bank (BPAN4) released its results. However, the numbers did not please the market.
The actions of Petrobras (PETR4), ending up 1.48%. A OK (VOUCH3) walked sideways.
On the low side, Sugar Loaf (PCAR3) It is Carrefour Brazil (CRFB3) were present in the highlights of the index. A hapvida (HAPV3) retreated 3.66%, in a correction movement. Bank of America (BofA) also released a report reiterating a “neutral” recommendation.
In the document, BofA commented that the company’s growth would depend mainly on the readjustment of prices in the sector.
Squid vs. BC
The market continues to monitor the situation between the government of Luiz Inacio Lula da Silva and the central bank.
The President of the Republic criticized the handling of interest rates in the country by the monetary authority. The petista also showed dissatisfaction with the current president of BC, Roberto Campos Neto.
With the repercussion of Lula’s speeches, Alexandre Padilha, Minister of Institutional Relations, emphasized that there is no government intention to change the law that gives autonomy to the Central Bank. Padilha also denied that there is pressure on any mandate from the monetary authority.
The government leader in Congresssenator Randolph Rodrigues (Rede-AP), also commented on the subject, reinforcing that there is no government guidance to seek a change in the BC’s command, nor initiatives in the Legislative to change the institution’s formal independence status.
In addition to the conflict between Lula and the BC, discussions on the fiscal scenario weigh heavily on the local market, with investors eyeing the Tax Reform proposal and the casting vote in the Administrative Council of Tax Appeals (Carf).
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