Ibovespa Rises on Utilities and Retail Gains
On Monday, the Ibovespa index climbed by 1.1%, surpassing the 147,000 mark, buoyed by strong performances in the utilities and retail sectors. Eletrobras saw an increase of 2.7% following Bradesco BBI's reiteration of its status as a top sector recommendation, alongside Sabesp, which rose by 0.9%. Bradesco BBI also elevated the target price for Eletrobras to BRL 83, suggesting a potential 56% gain. In the retail realm, Magazine Luiza surged more than 3%, driven by enhanced trade confidence, with Azza also making gains of 2.4%. In contrast, Braskem experienced a decline of 1.3%, prompted by Fitch's downgrade of its rating to CCC+ and S&P's adjustment to CCC-, both carrying a "negative" outlook. Additionally, Petrobras saw a decrease of 0.8%, coinciding with a nearly 2% drop in oil prices as OPEC+ announced plans to further increase oil production in November.
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