Ibovespa slips 0.2% to seven-month low on weak earnings
Brazil’s Ibovespa falls 0.2% to 167,101 on Thursday as multiple companies report weak earnings, including Banco do Brasil (-4.2%), Sabesp (-7%), and Hapvida (-33.1%).
The Ibovespa shed 0.2% to close at 167,101 on Thursday, erasing earlier gains and retreating to a seven-month low amid a batch of weak corporate earnings.
Banco do Brasil shed 4.2% after reporting below-expectation profits in the second quarter.
Sabesp tumbled 7% after reporting an 11.2% year-on-year drop in net profit.
CSN Mineração lost 5.2% after posting cash flow below market expectations.
In contrast, CSN jumped 5.6% despite reporting a net loss, as the loss was smaller than expected and revenue grew 6%.
Hapvida sank 33.1% after its second-quarter results showed margin pressure and rising litigation costs.
Meanwhile, Rede D’Or added 6.3% after reporting a 9.7% year-on-year increase in net profit.
Vale fell 1.7% as iron ore prices declined, with weak profitability among Chinese steelmakers continuing to constrain prospects for a meaningful recovery in ore demand.
Petrobras (+1.1%) rose despite lower oil prices as peace negotiations in the Middle East remained at a stalemate.