Brazilian equities rose on upbeat national data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Brazilian stocks climbed for the second consecutive session on Thursday after upbeat national data. Brazilian unemployment rate dropped to 5.3% last month, in line with market consensus. Moreover, hopes that borrowing costs will remain at record low after inflation slowed this month spurred rally of Brazilian equities. The Bovespa Index climbed 0.35% to close at 56,436.97. Six out of nine sectors within the index advanced. The top-gainers were health care as well as oil and gas sectors. Diagnosticos da America rose 1.17%, while Petroleo Brasileiro and OGX Petroleo e Gas Participacoes climbed 0.16% and 3.87%. Meanwhile, Banco Bradesco added 1.08% after creating a partnership with Claro for mobile payments. On the downside, utilities slumped 0.17%. Brazil plans to reduce electricity costs by 28% next year that would erase EBITDA for state-controlled electric companies. Centrais Eletricas Brasileiras dived 8.74% after the government offered only 14 billion reais as a compensation, compared to 30 billion reais the firm expected to get.
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