Ibovespa Falls as Energy Stocks Weigh
The Ibovespa fell 0.3% to close at 184,477 on Friday as losses in the energy sector weighed on the index. Oil prices fell amid reports that the US and Iran were considering a deal that could reopen the Strait of Hormuz and lift the US blockade on Iranian ports. Petrobras fell 2.4%. The pullback in oil offered some respite to credit-sensitive sectors that have been under pressure from energy-driven inflation concerns. Brazil’s mid-month inflation data limited gains, coming in above forecasts. Financials closed higher. Utilities also rose, with Axia edging up after approving an additional capital allocation of up to R$4 billion, related to second-quarter results, for the redemption of Class C preferred shares. Magazine Luiza rose 7.3% after S&P reaffirmed its brAA- rating. WEG added 0.6% after announcing an expansion of its project for a new battery energy storage systems plant in southern Brazil. The index fell 0.9% on the week.
3% to close at 184,477 on Friday as losses in the energy sector weighed on the index. Oil prices fell amid reports that the US and Iran were considering a deal that could reopen the Strait of Hormuz and lift the US blockade on Iranian ports. 4%. The pullback in oil offered some respite to credit-sensitive sectors that have been under pressure from energy-driven inflation concerns.
Brazil’s mid-month inflation data limited gains, coming in above forecasts. Financials closed higher. Utilities also rose, with Axia edging up after approving an additional capital allocation of up to R$4 billion, related to second-quarter results, for the redemption of Class C preferred shares. 3% after S&P reaffirmed its brAA- rating.
6% after announcing an expansion of its project for a new battery energy storage systems plant in southern Brazil. 9% on the week.