Ibovespa Rises as IBC-Br Rebounds and Oil Rally Eases
The Ibovespa rose nearly 1% to trade near 206,000 on Friday following fresh economic activity data and a slowdown in the oil rally. The BCB’s Economic Activity Index rose 0.3% in August from July, in line with market expectations and rebounding from a 0.2% decline. Meanwhile, easing oil prices offered some relief to credit-sensitive stocks that had been under pressure from energy-driven inflation concerns. Gains were broad-based. Major banks advanced, although more modestly than the index, with Itaú up 0.5%. Utilities also gained, with Axia rising 1%. Petrobras added 1%. Other notable gainers included Rede D’Or (+1%) and retail stocks. On the political front, a Datafolha poll confirmed the trend in recent surveys, showing a narrowing gap between Flávio Bolsonaro and President Lula. Meanwhile, a PoderData/AYA poll showed the two candidates tied.
The Ibovespa rose nearly 1% to trade near 206,000 on Friday following fresh economic activity data and a slowdown in the oil rally. The BCB’s Economic Activity Index rose 0.3% in August from July, in line with market expectations and rebounding from a 0.2% decline. Meanwhile, easing oil prices offered some relief to credit-sensitive stocks that had been under pressure from energy-driven inflation concerns. Gains were broad-based.
Major banks advanced, although more modestly than the index, with Itaú up 0.5%. Utilities also gained, with Axia rising 1%. Petrobras added 1%. Other notable gainers included Rede D’Or (+1%) and retail stocks.
On the political front, a Datafolha poll confirmed the trend in recent surveys, showing a narrowing gap between Flávio Bolsonaro and President Lula. Meanwhile, a PoderData/AYA poll showed the two candidates tied.