The market reacts positively with a 1.42% gain in the Ibovespa, fueled by Petrobras and the electoral landscape.
The Ibovespa showed strength this Thursday (10), recovering from losses recorded in the previous session to close 1.42% higher at 188,268.59 points. The positive performance of the main Brazilian stock index was driven by a combination of factors, including rising oil prices and investor expectations regarding the political scenario.
Petrobras shares stood out, with PETR3 rising 1.77% and PETR4 climbing 1.45%. This marked the third consecutive trading session of gains for the state-run company, reflecting the increase in international crude oil prices. The company led trading volume on the B3 exchange.
The financial sector also contributed to the positive outcome. The Financial Index (IFNC) recorded a gain of 2.43%, bolstered by stocks such as Itaú (ITUB4), which rose 1.83%. On the other hand, Vale saw a decline of 1.10%, tracking the drop in iron ore prices on the international market.
In the foreign exchange market, the spot dollar ended the day down 0.19%, quoted at R$ 5.1027.
Election Polls in Focus for Investors
The Brazilian political landscape remained the center of investor attention. Recent voting intention polls for the presidential runoff, which indicate a tight race between Flávio Bolsonaro (PL) and the incumbent president Lula da Silva (PT), generated market optimism.
Josia Bento, an investment specialist and partner at GT Capital, stated:
The market sees Flávio closer to Lula in the runoff with the expectation that he will be able to create a more responsible fiscal policy for public accounts, and this favors the stock market.
Banking Sector Strike
In a parallel development, employees of Caixa Econômica Federal began an indefinite nationwide strike this Thursday (10). Workers at Banco do Brasil also joined the walkout in several union branches.
The mobilizations are taking place despite a recent agreement regarding the Collective Bargaining Agreement (CCT) between Fenaban and bank employee representatives.
The impact of this strike on the financial sector remains to be seen in the coming days, but for now, optimism regarding commodity stocks and the electoral landscape prevailed during the trading session.
