The main Sao Paulo stock index, Bovespa, jumped 1.9% to close at 107,105 on Monday, the highest since November 11th, lifted by cyclical stocks such as travels, energy, and retail on the back of reports showing that the Omicron coronavirus variant may be causing milder illness than previously feared. Also, strength in oil prices pushed up shares of state-run oil company Petrobras, which repeated today that it does not anticipate any decisions regarding fuel price adjustments, in a response to President Jair Bolsonaro, who said on Sunday that the firm would start lowering fuel prices as early as this week. Meanwhile, investors eye the monetary policy decision on Wednesday in which the Central of Brazil is expected to deliver another 150 bps amid persistent inflationary pressures.
Historically, the Brazil Stock Market (BOVESPA) reached an all time high of 131190.30 in June of 2021. Brazil Stock Market (BOVESPA) - data, forecasts, historical chart - was last updated on December of 2021.
The Brazil Stock Market (BOVESPA) is expected to trade at 100924.26 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 90641.45 in 12 months time.