© Reuters. The Sao Paulo stock market advances 1.52% encouraged by the fiscal outlook
Sao Paulo, Mar 28 (EFE).- The Sao Paulo stock market distanced itself from Wall Street and rose 1.52% on Tuesday, encouraged by the Central Bank’s perspectives on the fiscal scenario and the imminent announcement by the Government of a new rule to control spending.
The , the reference index of the Brazilian park, recovered the level of 100,000 points and closed with 101,185 integers to chain three consecutive sessions in the green, after rising 0.92% on Friday and 0.85% on Monday.
In the foreign exchange market, the US dollar depreciated 0.81% and ended the day at 5,163 reais for purchase and 5,164 reais for sale at the Brazilian commercial exchange rate.
Stock traders received the analysis of the Central Bank with optimism, which indicated in the minutes of last week’s meeting that a “solid” and “credible” fiscal reform could lead to a loosening of monetary policy and, consequently, initiate a lower official interest rates, today at 13.75% per year.
The result of the Ibovespa was also based on the proximity of the announcement of this new fiscal rule made by the Government and which, if endorsed by Congress, will replace the current spending ceiling.
Finance Minister Fernando Haddad told reporters that the project will be presented this week and that this Wednesday he will refine the last details of it in a meeting with the hard core of the cabinet headed by Luiz Inácio Lula da Silva.
In this context, the largest gains in the Brazilian parquet were recorded by the operators of private health plans Hapvida (18.5%) and Qualicorp (6.3%), the ethanol producer and Raízen (6%) and the petrochemical company Braskem (5.8%).
On the contrary, the network of private hospitals D’Or (-4.8%), the construction company MRV (-2.8%) and the meat company JBS (-2.0%), among others, ended negatively.
The volume negotiated in the session was around 21,000 million reais (about 4,100 million dollars at today’s exchange rate), in 3.3 million operations, according to preliminary results released at the close.
