Ibovespa rises 2.04% with oil and bank recovery

The Ibovespa rose 2.04% this Tuesday (17), to 111,439.12 points, driven by rising commodity prices following the release of China’s Gross Domestic Product (GDP) higher than expected in 2022. The index erased the 1.54% loss seen yesterday. Now, it accumulates a high in 2023 (1.55%). For analysts, the resumption of negotiations in New York, the adjustment of the papers linked to the crisis in Americanas and the speeches of the Minister of Finance, Fernando Haddad (PT), in Davos, also contributed to the gains.

The highlight of the day was the shares of Petrobras, which advanced between 7.04% (ON) and 6.16% (PN), in line with oil gains in the session. “The above-expected GDP in China led to an increase in commodities and, mainly, oil, which is reflected in Petrobras’ shares”, summarizes the chief economist at Frente Corretora, Fabrizio Velloni.

Bank shares also advanced throughout the day, in a recovery movement after yesterday’s losses. The biggest rise was from Banco do Brasil (+5.87%), which has low exposure to Americanas and still reflects statements by the bank’s new president, Tarciana Medeiros, who promised last night to generate “relevant results” for shareholders.

The movement of Brazilian assets also benefited from Haddad’s statements at the World Economic Forum, in Davos. Throughout the day, the minister assured that the government’s intention is to vote on the tax reform in the first half of the year, which will serve to balance the public accounts. The petista also announced that the Brazilian government will count on technical support from the International Monetary Fund (IMF) to formulate the proposal for the country’s new fiscal anchor, which should be presented by April.

The variable income operator from Manchester Investimentos Felipe Cima adds that today’s session showed the maintenance of foreign investors’ interest in the Brazilian Stock Exchange, in line with other emerging markets. For the analyst, the higher-than-expected growth of Chinese GDP reinforces the prospect of higher commodity prices throughout 2023, which renews the potential for inflow of foreign funds into the country’s stocks throughout the year.

Faced with the drop in the dollar and across the future interest curve today, the analyst says that the rise in the small caps index (+1.22%) lower than that observed in the Ibovespa as a whole suggests that the strengthening of the stock exchange today may be linked to an inflow of foreign resources. “When we have a fall in the DI, the tendency is to see the small caps index performing better than the Ibovespa. This is an indication that those who are buying buy the large caps more, and it is the foreign investor who makes this flow”, he notes Up.

At the negative end of the index, the biggest losses were observed in Qualicorp (-5.41%), Via (-2.67%), CVC (-2.48%), Americanas (-2.06%) and Magazine Luiza (-1.56%).