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Montevideo, July 22nd 2019 - 16:15 UTC

 

 

Brazil's Real and Petrobras shares recover on Monday trading

Tuesday, April 16th 2019 - 08:31 UTC
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Bovespa stock index rose for the first time in four days and gained 0.3%. A rebound Petrobras shares, which fell more than 7% on Friday, provided the boost Bovespa stock index rose for the first time in four days and gained 0.3%. A rebound Petrobras shares, which fell more than 7% on Friday, provided the boost
Petrobras slumped after it canceled a diesel price hike in the wake of President Jair Bolsonaro's call for “fair” prices out of concern for truckers Petrobras slumped after it canceled a diesel price hike in the wake of President Jair Bolsonaro's call for “fair” prices out of concern for truckers

Brazil's Real and shares rose on Monday, recovering after declines last week, while the currencies of oil exporters such as the Mexican and Colombian pesos weakened as crude prices dipped.

The real firmed 0.5% in early trading before surrendering the gain to trade flat against a weaker dollar, while the Bovespa stock index rose for the first time in four days with a gain of 0.3%.

A rebound in shares of state oil firm Petrobras, which fell more than 7% on Friday, provided the biggest boost for the Bovespa index. Petrobras slumped after it canceled a diesel price hike in the wake of Brazilian

President Jair Bolsonaro's call for “fair” prices out of concern for truckers, spooking investors wary of political interference at the state-run oil firm.

Shares of iron ore miner Vale, however, dragged heavily on the index after a report that its decision to halt production at 10 sites in Minas Gerais state following a deadly dam disaster has affected deliveries of iron ore pellets to clients.

Ecorodovias fell almost 3% after the federal police on Friday carried out search-and-seizure warrants at its indirect subsidiary Eco 101.

Pension reforms were also a focus in Brazil, with investors monitoring a congressional committee which may begin discussing the changes this week.

Meanwhile, currencies in Mexico and Colombia slipped as oil prices fell on signals that Russia may exit production cuts.

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