Driven by Petrobras, the stock exchange marks the third increase in a row and approaches 106,000 points

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In a session marked by reduced liquidity due to the Thanksgiving holiday in the United States, which kept the US market closed, the Brazilian Stock Exchange hit its third consecutive high and regained the level of 105 thousand points.

The Ibovespa, the main stock index of the local stock market, rose 1.24% this Thursday (25), to 105,811 points, the highest level since November 12, when it closed at 106,334 points.

The movement was supported by the significant increase in Petrobras shares, with an appreciation of 4.41% and 4.13% of preferred and common shares, respectively. Combined, the shares represent around 11.5% of the Ibovespa.

The purchase orders came after the state-owned company announced its investment plan for the coming years. The company informed that it intends to invest US$ 68 billion (R$ 381 billion, at the current price) between 2022 and 2024.

The value is 23.6% higher than the US$ 55 billion (R$ 308 billion) of the last plan, for the period between 2021 and 2025, which was prepared still under the strong impact of the beginning of the new coronavirus pandemic. Now, the planning is done in the midst of a recovery in oil prices.

The news that most excited the market, however, was related to the earnings to be paid by Petrobras to its shareholders, says Rafael Ribeiro, an analyst at Clear Corretora.

The oil company forecasts the distribution of US$ 60 billion to US$ 70 billion (R$ 336 billion to R$ 392 billion, at current prices) in dividends over the next five years, an average of R$ 67 billion to R$ 78 billion per year.

Without the reference of the American market, oil closed the session stable, quoted at US$ 82.22 (R$ 458.24).

Rodrigo Crespi, market specialist at Guide Investimentos, adds that civil construction papers also performed well, following a government proposal that could heat up the sector.

The government sent a bill to Congress this Thursday with the aim of allowing real estate and other assets – even in financing – to be pledged as collateral for more than one loan.

Eztec shares rose 5.57%, while Cyrela shares advanced 4.90%.

Guide’s specialist also draws attention to the rise of some retailers, such as Grupo Soma (+3.12%) and Marisa (1.49%), with expectations focused on Black Friday sales.

In exchange, the commercial dollar closed down 0.53% against the real, quoted at R$ 5.5650 for sale. It is the lowest level since the last 17th (R$ 5.5264) and the biggest daily percentage low since November 11th (-1.80%).

In the morning, the highlight of the day on the domestic agenda was the release of the official preview of inflation, with a 1.17% increase in the IPCA-15 in November, above the median of market estimates which pointed to 1.13% .

The biggest change (2.89%) and the main impact on the index (0.61 percentage point) came from transport. In this group, there was the influence of gasoline, which increased by 6.62%.

According to the IBGE (Brazilian Institute of Geography and Statistics), it is the worst result for November since 2002, with inflation reaching 10.73% in 12 months.

“Despite the rise in the index, it didn’t exactly bring anything new. In aggregate terms, we are well aware that inflation remains persistent. Gasoline and cooking gas continue to keep Brazilians awake,” says André Perfeito, chief economist at Necton.

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