©Reuters. The Sao Paulo stock market advances 1.24% thanks to banking
Sao Paulo, May 12 (EFE) .- The Sao Paulo stock market stood out this Thursday from the negative trail of international markets and advanced 1.24%, boosted by shares in the banking sector, with increases for Itaú, Bradesco ( SA:) and Banco do Brasil (SA:), which posted record profits.
The benchmark index of the parquet, closed with 105,687 basis points, to chain the second consecutive session in green, after rising 1.25% on Wednesday.
In the foreign exchange market, the US dollar depreciated slightly 0.09% and ended the day trading at 5.138 reais for purchase and 5.139 reais for sale, at the Brazilian commercial exchange rate.
São Paulo market operators ignored international caution, amid fears of a worsening of the war in Ukraine, with Finland and Sweden approaching NATO, and rising inflation, which has forced the world’s main economies to swerve in their monetary policies.
The Sao Paulo stock market, oblivious to this noise, added 1,290 units to its score, in a session in which the financial volume approached 30,000 million reais (5,850 million dollars), in a total of 4,010,365 operations finances, according to preliminary results.
The bank was among the great beneficiaries of the session.
Preferred shares in Itau, Brazil’s largest private bank, rose 1.6%, while common shares in state-owned Banco do Brasil jumped 2.5%.
Agents received the results of Banco do Brasil positively, which obtained a record net profit of 6.66 billion reais (about 1.3 billion dollars) in the first quarter of the year, 57.6% more than in the same period in 2021.
The papers of Itaú and Banco do Brasil were also among the most traded, as well as the preferred ones of the state oil company Petrobras (NYSE:) (0.8%) and the ordinary ones of the mining company Vale (-1.0%).
Bradesco’s common and preferred shares also closed positive, jumping 0.6% and 0.8%, respectively, unlike those of Santander (BME:) Brazil, which lost 0.6%.
Leading the gains on the Ibovespa were the health insurance company Qualicorp (10.5%), the educational group Cogna (9.7%) and the discount coupon platform Méliuz (8.5%).
On the contrary, the losses were led by the food company Minerva (-7.5%), the Compañía Siderúrgica Nacional (-5.5%) and CSN Mineraçao, the second largest exporter of Brazil (-3.2%).