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Vale S.A. Message Board

  • b2_forme b2_forme Aug 30, 2013 11:34 PM Flag

    IBOVESPA SPIKED TONIGHT

    Ibovespa Declines for Third Day as Embraer Leads Exporters Lower
    By Ney Hayashi - Aug 28, 2013 1:47 PM PT
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    The Ibovespa dropped for a third day as planemaker Embraer SA (EMBR3) led losses among exporters on speculation that a strengthening local currency will erode revenue from outside Brazil.
    Oil company OGX Petroleo e Gas Participacoes SA contributed the most to the index’s decline. Iron-ore producer Vale SA (VALE3), the measure’s heaviest-weighted stock, followed metals lower. Retailer B2W Cia. Digital was the best performer on the benchmark as traders pared bets on higher borrowing costs.
    The Ibovespa dropped 0.4 percent to 49,866.92 at the close of trading in Sao Paulo, with 33 of 71 stocks lower, after erasing an earlier advance of 1 percent. The index’s 10-day volatility, a measure of price swings, climbed to a two-week high. The real appreciated 1.2 percent to 2.3437 per U.S. dollar at 5:27 p.m. local time as the central bank’s intervention supported the currency.
    “Shares of exporters, such as Vale, have benefited from the real’s depreciation, and now there’s a correction, with the central bank acting more aggressively in the currency market,” Joao Pedro Brugger, a portfolio manager at Leme Investimentos, said in a phone interview from Florianopolis, Brazil.

    Sentiment: Buy

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VALE
4.99-0.06(-1.19%)Jul 27 4:00 PMEDT