MercoPress. South Atlantic News Agency

Brazilian stocks topped 100.000 points for the first time on the Bolsonaro syndrome

Ibovespa, the country's main index in Sao Paulo, hit an intra-day record of 100,037.69 before closing at its highest level ever of 99,993.93

Brazilian stocks topped 100,000 points for the first time Monday, on hopes for progress in President Jair Bolsonaro's promised pro-market reforms. The Ibovespa, the country's main index in Sao Paulo, hit an intra-day record of 100,037.69 before closing at its highest level ever of 99,993.93, up 0.86% from the previous trading session.

Shares have increased by more than 13% since Mr Bolsonaro took power on January 1, breaking a dozen records in the first month of his administration, as investors bet on the far-right leader fulfilling his pledges to get Brazil's finances in order.

The new high coincides with Mr Bolsonaro's visit to Washington where he will meet with his US counterpart Donald Trump this Tuesday.

The tough-talking president has long expressed his admiration for Mr Trump, sharing the US leader's dislike of multilateral organizations and leftist politics, while promoting businesses over environmental concerns at home.

It also comes after Friday's successful auction of concessions to 12 regional airports across Brazil that was seen as the first major test of foreign investor confidence in Bolsonaro's market-friendly agenda.

Spain's Aena snapped up six airports while Flughafen Zurich of Switzerland bought rights to two. Brazilian consortium Aeroeste picked up four airports.

Bolsonaro has made privatizing state-owned companies and overhauling the costly pension system key planks of his policy to reduce soaring public debt and regain investor faith in Latin America's largest economy.

Friday's auction was also seen as a test of the market's support for Mr Bolsonaro's economy minister Paulo Guedes, a US-trained free-market advocate.

Mr Guedes is spearheading the government's policy to inject pro-business vigor into an economy still bearing the scars of a record-breaking 2015-2016 recession.