Follow the dollar rate and the stock market today (9) – 11/09/2023 – Market

The Brazilian stock market opened higher this Thursday (9), supported by the rise in oil and iron ore abroad, which gives strength to shares in Vale and Petrobras, the largest on the Ibovespa. Investors also evaluate recent corporate earnings releases.

The dollar was hovering around stability, with investors awaiting further comments from Federal Reserve President Jerome Powell, after he stopped talking about the outlook for monetary policy the day before, while the market reacted positively to the approval of the tax reform in the Senate.

On the negative side, Banco do Brasil shares fell and were the most traded of the session after the bank reported a third quarter result below market expectations. During the period, BB’s profit increased by 4.5%, to R$8.8 billion.

At 10:55 am, the Ibovespa rose 0.39%, to 119,651 points, while the dollar fell 0.09%, quoted at R$4.901.

On Wednesday (8), the Brazilian Stock Exchange interrupted a sequence of increases and closed with a slight drop, pressured precisely by Petrobras shares, which fell more than 2% following the decline in oil prices abroad.

The fall of the Ibovespa, however, was seen as a technical profit-taking movement, that is, when investors sell shares that have appreciated quickly in order to realize gains from the shares. The Brazilian stock exchange registered an increase in the previous five sessions.

“The index is having difficulty continuing to rise, and it is possible that we see a correction movement in the short term. We have come from significant increases in a few days, it is natural for the market to correct this”, says Thiago Lourenço, trader variable income from Manchester Investimentos.

In exchange, the dollar closed higher, with investors following Brazil’s fiscal situation following data that showed growth in public debt in September.

As a result, the Ibovespa fell 0.07%, to 119,176 points, while the dollar advanced 0.68%, quoted at R$4.906.

With Reuters