Brazilian Stocks Higher on Friday
The Ibovespa rose more than 0.5% to hover around 188,500 on Friday, posting broad-based gains amid a favorable external backdrop. Oil prices fell as European governments considered releasing strategic reserves to ease mounting fuel costs, reducing concerns over energy-driven inflation. Softer-than-expected US payrolls also supported credit-sensitive stocks, reducing expectations of a Fed rate hike this month. Major banks rose, with Itaú and Bradesco gaining about 1.5%, while Banco do Brasil rose more than 2%. Utilities also advanced, with Axia up more than 2%. Friday marks the last trading session before the first round of Brazil’s presidential election on Sunday. A poll released Thursday showed President Lula and Senator Flávio at a technical tie in a potential second-round matchup. Also on Thursday, Bolsonaro withdrew from a debate hours before it was scheduled to begin. The broadcaster subsequently canceled the event, which would already have gone ahead without Lula.
5% to hover around 188,500 on Friday, posting broad-based gains amid a favorable external backdrop. Oil prices fell as European governments considered releasing strategic reserves to ease mounting fuel costs, reducing concerns over energy-driven inflation. Softer-than-expected US payrolls also supported credit-sensitive stocks, reducing expectations of a Fed rate hike this month. 5%, while Banco do Brasil rose more than 2%.
Utilities also advanced, with Axia up more than 2%. Friday marks the last trading session before the first round of Brazil’s presidential election on Sunday. A poll released Thursday showed President Lula and Senator Flávio at a technical tie in a potential second-round matchup. Also on Thursday, Bolsonaro withdrew from a debate hours before it was scheduled to begin.
The broadcaster subsequently canceled the event, which would already have gone ahead without Lula.