Brazil’s benchmark stock index Ibovespa saw an increase of 2.3 percent today, following a more buoyant mood in North American markets and a boost from retail stocks, after São Paulo Governor João Doria announced his plan to gradually reopen the state and loosen quarantine rules.
Among the best performers, retailer B2W — who owns online marketplaces Submarino and Lojas Americanas — ended the day on a 17.5-percent high. Via Varejo, owner of retail chains Casas Bahia and Ponto Frio, rose 12.6 percent, while clothing store chain Lojas Marisa gained 11.2 percent.
“The shares jumped after São Paulo’s governor announced the gradual exit of quarantine, this is boosting Ibovespa,” said Mirae Assets’ director Pablo Spyer, in his daily briefing.
Individual factors regarding companies also helped to boost stocks, such as changes in Via Varejo’s board to foster digital transformation, and an HSBC report recommending clients to buy B2W shares, according to InfoMoney.On the other hand, the Brazilian Real reached a new record low, at BRL 5.41 to the U.S. Dollar, with investors predicting that the Brazilian Central Bank may slash interest rates once more in its May 6 monetary policy meeting. As InfoMoney reports, Barclays bank believes the monetary authority may reduce rates to 3.0 percent, or perhaps even lower.
The city of Rio de Janeiro estimates that a Madonna concert this Saturday on Copacabana…
Latin America’s trend of banning opposition candidates from elections has caught on in an ever-growing…
The São Paulo City Council on Thursday approved legislation authorizing Brazil’s largest city to sign…
The preliminary report on AI regulations presented to Brazil’s Senate last week provides a middle-of-the-road…
In 2000, Formula 1 great Michael Schumacher had just racked up his 41st race win,…
Overall, the worldwide economic outlook has improved according to the Organization for Economic Co-operation and…