Brazilian Stock Exchange Has Record High Despite Apple

Folha de S.Paulo

Brazilian Stock Exchange Has Record High Despite Apple

Full Article Source

Apple stock's 10% price fall, reflecting the lower revenue predictions announced by the company, dragged the international markets with it, in one more day of significant losses on Thursday (3rd). But in Brazil, the market's optimism with the beginning of the Bolsonaro administration pushed the Sao Paulo Stock Market to close on a record high for the second day in a row. Ibovespa, the most important stock index in Brazil, rose 0.61% and closed at 91,564 points. The trading volume was R$ 20,194 billion (US$ 5,4 billion), above last year's average. Stock prices oscillated highly during the day, and at some moments the indexes were negative, following the international markets. The jump to close in the black happened at the end of the day. The optimist was partly due to remarks from Chief of Staff Onyx Lorenzoni that Finance Minister Paulo Guedes will present a proposal to reform Social Security by Monday (7th). Jefferson Laatus, a stock trader and partner at Grupo Laatus, says that the announcement that Bolsonaro's political party PSL will support the reelection of Rodrigo Maia (DEM) for House Speaker is keeping the local markets happy. The Brazilian stock market also gained some relief with the end of remittances from multinational companies, a typical movement at the end of the year, which also makes the dollar advance over the Brazilian real. To contain the currency exchange, the Brazilian Central Bank sold foreign currency with repurchase commitments.