(Agencia CMA Latam) - Ibovespa, the benchmark stock market index in Brazil, rose for the ninth straight session Monday, ending 0.41% higher at 87,652.64 points, driven by the bullish stock markets abroad and by the shares of Petrobras (+2.27%), Vale (+2.73%) and steelmakers, such as CSN (+5.36%).
With the rise, the Ibovespa set a fresh record closing level. The index also surpassed 88,000 points for the first time during the session but scaled back in the face of CCR's losses. The company's stocks fell by more than 10% after news that it might be involved in a corruption scandal.
"Foreign stock markets are still recovering, and Ibovespa continues to have positive momentum, with a better economy, good activity data and better results from companies in general," said Magliano Corretora analyst Pedro Galdi.
Petrobras gained on higher oil prices abroad, while Vale and steelmakers were boosted by a rise of more than 1% in iron ore prices in China.
Meanwhile, CCR shares (-10.37%) had the most significant fall among Ibovespa's constituents after news that the company is being investigated in a corruption case. Shares of Hypera (-4.36%) also closed lower after financial results released on Friday, while JBS (-3.40%) fell after the Brazilian Attorney General's Office (PGR) rescinded Wesley Batista's plea-bargain deal.
Meanwhile, the locally traded U.S. dollar closed down for the third consecutive session, influenced by the cautious of foreign investors before Jerome Powell's testimony before the U.S. Congress, his first as the new Federal Reserve Bank chairman. As a result, the greenback fell 0.27%, quoted at R$ 3.233.
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