Brazilian stocks retreat from 2014 advance on Rousseff re-election bets
October 24, 2014 1:20 am
Brazilian stocks plummeted with the Ibovespa taking the crown as the biggest laggard among major benchmarks on bets that Rousseff will reclaim her position as President in the upcoming elections over the weekend.
The Ibovespa shed 3.2% to 50,713.26 at the end of trading in Sao Paulo with 57 out of the 70 stocks of the index declining. The gauge is on a four-day losing streak which has already scraped a total of 9% from its gains. For the year, the measure was able to add a total of 38% from its year low as stimulus of a reformed government bolstered bets of a reduced intervention on state-run companies and cultivate economic growth. Under the administration of Rousseff the country experienced the slowest economic growth since 1992 for any presidency. From the 38% percent advance, the index is now down to 13% after voter polls showed a growing support for the incumbent president, indicating an extension of the Rousseff administration.
Petroleo Brasileiro or Petrobras was the biggest laggard in the index losing 7.2% while Banco de Brasil gave the worst performance, shedding 9.1%. Cia. Siderurgica Nacional or CSN rose on a weak real, adding 5%. The nation’s currency weakened by 0.4% to match the dollar at 2.4957 real per dollar.
In the most recent polls of Ibope and Datafolha, Rousseff overpowered Neves for the first time since the beginning of the first round vote. According to the survey of Ibope 49% was for Rousseff while 41% was for Neves. Meanwhile, Datafolha reports 48% in favor of the current president while 42% was for Senator Neves.
The material has been provided by InstaForex Company – www.instaforex.com
Brazilian stocks plummeted with the Ibovespa taking the crown as the biggest laggard among major benchmarks on bets that Rousseff will reclaim her position as President in the upcoming elections over the weekend.
The Ibovespa shed 3.2% to 50,713.26 at the end of trading in Sao Paulo with 57 out of the 70 stocks of the index declining. The gauge is on a four-day losing streak which has already scraped a total of 9% from its gains. For the year, the measure was able to add a total of 38% from its year low as stimulus of a reformed government bolstered bets of a reduced intervention on state-run companies and cultivate economic growth. Under the administration of Rousseff the country experienced the slowest economic growth since 1992 for any presidency. From the 38% percent advance, the index is now down to 13% after voter polls showed a growing support for the incumbent president, indicating an extension of the Rousseff administration.
Petroleo Brasileiro or Petrobras was the biggest laggard in the index losing 7.2% while Banco de Brasil gave the worst performance, shedding 9.1%. Cia. Siderurgica Nacional or CSN rose on a weak real, adding 5%. The nation’s currency weakened by 0.4% to match the dollar at 2.4957 real per dollar.
In the most recent polls of Ibope and Datafolha, Rousseff overpowered Neves for the first time since the beginning of the first round vote. According to the survey of Ibope 49% was for Rousseff while 41% was for Neves. Meanwhile, Datafolha reports 48% in favor of the current president while 42% was for Senator Neves.
The material has been provided by InstaForex Company – www.instaforex.com
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