The Ibovespa extended its weekly decline as a drop in commodities sank raw-material producers.
Steelmaker Cia. Siderurgica Nacional, known as CSN, was the worst performer on the benchmark equity gauge. State-controlled oil producer Petroleo Brasileiro SA rose as investors awaited for delayed quarterly results to be released.
The Ibovespa retreated 1.3 percent to 53,954.79 at the close of trading in Sao Paulo, leaving the benchmark down 0.5 percent this week. The Standard & Poor’s GSCI index of 24 raw materials decreased 0.7 percent. Commodity producers account for about one-fourth of the Ibovespa’s weighting.
“Commodities probably won’t go back to the level they were before the slide, and that’s an important issue for the Brazilian economy and stock market,” Guilherme da Nobrega, the chief economist at Guide Investimentos, said by telephone from Sao Paulo.
Stocks also fell after data showed annual inflation as measured by the benchmark IPCA-15 index sped up to 8.22 percent from 7.90 percent. Analysts forecast 8.17 percent. The central bank targets inflation of 4.5 percent, plus or minus two percentage points.
CSN fell 7.2 percent to 6.10 reais. The MSCI Brazil Materials index dropped 0.6 percent. Petrobras, as Petroleo Brasileiro is known, added 0.6 percent to 13.01 reais.
The company said Monday that it plans to release long-delayed audited financial results after an April 22 board meeting.
“It’s important to have those numbers out because that will show where the company stands,” Vitor Suzaki, an analyst at brokerage firm Lerosa, said in a phone interview from Sao Paulo.
Trading volume of equities in Sao Paulo was 6.85 billion reais ($2.3 billion) on Friday, according to data compiled by Bloomberg. That compares with a daily average of 6.78 billion reais this year, according to the exchange.