Large stocks boost the Sao Paulo stock market by 0.83% By EFE

Sao Paulo, Nov 24 (EFE) .- The Sao Paulo stock market rose 0.83% this Wednesday, thanks to the push of the major stocks in the market, such as the oil company Petrobras (NYSE :), the mining company Vale and the bank Itaú, which posted gains of more than 2%.

The benchmark stock index closed with 104,514 points in a session in which it managed to distance itself from the negative international trend.

The São Paulo market remained green in this way, after bouncing 1.50% the day before.

Financial operators are still very aware of the negotiations in the Brazilian Senate on a constitutional amendment that will allow the government of Jair Bolsonaro to open space in the budgets and increase social spending in 2022, when he will attempt his re-election.

To do this, the Executive has proposed making the spending ceiling more flexible and postponing the payment of a part of the State’s judicial debts, which generated strong turbulence in the Brazilian markets, which now view Bolsonaro’s economic agenda with suspicion.

In the foreign exchange market, the US dollar depreciated 0.24% and closed at 5.59 reais for buying and selling, at the Brazilian commercial exchange rate.

All in all, the Sao Paulo stock market added 860 units to its accumulated score.

The volume traded reached 26,582 million reais (4,750 million dollars), in a total of 3,968,935 financial operations, according to the preliminary results at the close of the day.

The momentum of this Wednesday was favored by the revaluation of the flagships of the stock market, with increases for Petrobras (2.0% in its preferred shares and 1.9% in its ordinary), Vale (2.3%) and Itaú, the largest private bank in Brazil (2.7%).

However, at the forefront of the gains in the Ibovespa were the papers of Banco Pan (5.2%), followed by the hosting portal Locaweb (4.8%).

On the other side of the coin, the oil company PetroRio, the Natura group and the private network of hospitals D’Or recorded the worst results with falls of more than 3%.

The most traded securities were those of Petrobras, which is state-controlled but has shares traded in Sao Paulo, New York and Madrid, and mining giant Vale.