Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Ibovespa Declines From Six-Month High as Itau Retreats

The Ibovespa retreated, with Itau Unibanco Holding SA leading losses among financial stocks, on speculation gains that pushed the stock benchmark to a six-month high were excessive.

Banco Bradesco SA fell for the third time in four sessions. Banco do Estado do Rio Grande do Sul SA, known as Banrisul, sank after posting first-quarter earnings that missed analysts’ estimates. Pulp producer Suzano Papel e Celulose SA gained after JPMorgan Chase & Co. raised its recommendation to the equivalent of buy.

The Ibovespa fell 0.3 percent to 53,907.46 at the close of trading in Sao Paulo, with 44 stocks lower and 24 higher. The index had jumped 20 percent from this year’s low on March 14 through yesterday, entering a bull market as Petroleo Brasileiro SA rallied on speculation a change in government after the October election will reduce intervention in state-run companies.

“While stocks have gained a lot in the past couple of months, nothing has changed in the Brazilian economy to support that,” Clodoir Vieira, a partner at consulting firm Compliance Comunicacao Empresarial in Sao Paulo, said by telephone. “We still have high inflation and slow growth. That will keep sapping equities.”

Economic growth in Brazil will slow to 1.69 percent this year from 2.28 percent in 2013, according to a central bank survey of economists published yesterday. Inflation will accelerate to 6.39 percent in 2014, the survey showed.

Itau Falls

Itau, the heaviest-weighted stock on the Ibovespa, lost 0.6 percent to 37.33 reais. Bradesco retreated 0.5 percent to 34.74 reais.

Banrisul, sank 2.8 percent to 12.20 reais. The lender posted first-quarter adjusted net income of 137.9 million reais, less than the average estimate of 182.6 million reais among analysts surveyed by Bloomberg.

Suzano gained 3.9 percent to 8.05 reais. JPMorgan and Brasil Plural raised the stock to buy after the company said yesterday earnings before interest, taxes, depreciation and amortization, or Ebitda totaled 499 million reais in the first quarter, above the average estimate of 433.3 million reais from analysts surveyed by Bloomberg.

Trading volume of stocks in Sao Paulo was 5.85 billion reais today, according to data compiled by Bloomberg. That compares with a daily average of 6.76 billion reais this year, according to data from the exchange.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.