Ibovespa Extends Gains as Fiscal Fears Ease
The Ibovespa index increased by 0.3% on Thursday, surpassing the 142,500 mark, as it continued to gain ground for a second consecutive session. This uptick follows the dismissal of a proposal to raise the financial transactions tax, alleviating concerns related to fiscal expansion. Although both monthly and annual CPI figures for Brazil fell short of expectations, electricity prices surged due to the conclusion of the Itaipu bonus. Utility stocks saw a notable performance, with Eletrobras rising over 1% following a favorable court decision concerning energy loan reimbursements, while Engie and Eneva experienced gains of 0.8% and 0.4%, respectively. In the commodities sector, Vale appreciated by 0.7% driven by a rise in iron ore prices in China, and Petrobras inched up by 0.1% after disclosing R$2.6 billion in fresh investments in Bahia. On the telecommunications front, Oi soared by 10.5% as it set up a court-supervised transition committee, indicating advancement in its restructuring efforts.
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