Thursday, March 4, 2021

Ibovespa resumes upward bias due to the appreciation of Petrobras; dollar recedes – Prime Time Zone

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REUTERS / Sergio MoraesMarket remains apprehensive about fiscal risks and intervention in Petrobras

After a day of heavy losses, the Brazilian financial market rehearses the recovery on Tuesday, 23, with investors still apprehensive about fiscal risks and intervention in the Petrobras, but also optimistic about the approval by Anvisa of the Pfizer / BioNTech vaccine. Around 11:35 am, the Ibovespa, B3’s main index, was up 0.64% to 113,385 points. The shift is driven by the recovery of Petrobras’ shares, which the day before were also responsible for the market downturn, after plummeting more than 20%. Ordinary papers (PETR3) were up 6.5%, while preferred papers (PETR4) were up 7.4%. The trading session on Monday, 21, closed with a fall of 4.87%, to 112,667 points. The scenario also makes the dollar lower against the real, down 0.36% to R $ 5.473. The US currency reached a maximum of R $ 5.476, while the minimum did not exceed 5.434. The dollar closed the day before with a 1.2% boost, at R $ 5.453.

The market maintains a high degree of uncertainty after the intervention of Jair Bolsonaro (without a party) in charge of Petrobras, which just this week lost R $ 75 billion in market value. On Friday, the 19th, the president announced the replacement of Roberto Castello Branco by General Joaquim Silva e Luna after a series of readjustments in gasoline and diesel prices. The state board of directors meets this morning to discuss the replacement. Bolsonaro’s signal was seen by the market as interference on a company listed on the Stock Exchange, and accentuated the risk of a shift in the federal government’s economic policy. Bolsonaro maintained his aggressive tone over the weekend by stating that new changes should occur this week, and on Monday he again criticized Castello Branco and the financial market. “March 20 ends the term of the current president. It is my right to renew it or not. It will not be reappointed. What’s the problem? It is a sign that some in the financial market are very happy with the policy that only has a bias at Petrobras, serving the interests of some groups in Brazil, nothing more than that, ”he said.

The announcement by the National Health Surveillance Agency (Anvisa) about the definitive approval of the Pfizer / BioNTech vaccine should contribute to improving the mood of investors. The news was announced this morning by the entity’s CEO, Antonio Barra Torres placeholder image. “I inform you with great satisfaction that, after a seventeen-day analysis period, the General Management of Medicines, of the Second Directorate, granted the first vaccine registration against Covid 19, for wide use, in the Americas”, celebrated Barra Torres. The registration is a decision of the technical area, not of the collegiate board, and, for this reason, it only needs its publication in the Federal Official Gazette (DOU) to take effect. An extra edition with the decision is due to be published later on Tuesday.

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Ibovespa resumes upward bias due to the appreciation of Petrobras;  dollar recedes - Prime Time Zone