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BRAZIL: Ibovespa Hits 78,000 Points, But Zeroes Gains With Vale

(Agencia CMA Latam) - The Ibovespa posted a slight increase (+0.03%) to close at 76,617.53 points Thursday, renewing the historical closing cap, although it strongly reduced gains throughout the day with the turn in Vale's and steelmakers' shares.

Earlier, optimism about the recovery of the Brazilian economy prevailed in the market and the benchmark stock index in Brazil hit an intra-day record of 78,024.08 points (+1.87%).

"Throughout the day we saw a contraction led by the steelmakers, who were in a very tight movement. The market was already waiting for a correction of these assets, but in general, the stock exchange continues with a positive trend," said Luana Nunes, an investment analyst at Toro Radar.

Among the papers of miners and steelmakers, Gerdau's shares (GGBR4-4.39%) and Gerdau Metalúrgica (GOUA4 -4.39%), posted the most significant losses of the day. The shares of Vale (VALE3 -1.04%) also weighted the Ibovespa to zero its gains. On the opposite side, banks stocks, such as Itaú Unibanco (ITUB4 +1.60%) and Banco do Brasil (BBAS3 +1.63%), and those of Petrobras (PETR4 +1.53%) continued to perform well.

Driven by the external scenario, the locally traded U.S. dollar rose 0.67% against the Brazilian real, quoted at R$ 3,153. The expected growth of the American economy anchored the greenback's rise against the leading global currencies.

For Friday, in addition to the local economy and politics, investors must observe the external scene, especially the release of data on jobs created by the American economy.

by Agencia CMA Latam

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