The metal industry has not been so hard to the stock market.
Brazil stocks kicked of the week on a positive note as Bovespa finished higher on Monday session, lifted by the prolong rally of the real states and industrial companies, showing their resilience despite the country’s recent political and economic turmoil.
Bovespa, the country’s main benchmark, finished soaring yesterday as it logged a 0.28% gain at the close in Sao Paolo, baked up mainly by the continuous surge in the metal industry, which recorded its third straight rally.
Steelmakers Usinas Siderúrgicas de Minas Gerais SA advanced 5.05%, adding 0.23 points, to settle at 4.78 at the close while Cia Siderúrgica Nacional and Gerdau SA also tallied slight gains.
Bradespar SA, which specializes in investing on energy, mining and real state, posted 3.76% surge, racking up 0.71 points to close at 19.60 while the metal and mining company, Vale SA Pref, jumped 3.27% or 0.92 points at 29.06.
Meanwhile, CBOE Brazil Etf Volatility, a gauge on the Bovespa’s implied volatility, fell to its fresh 0ne-month low at 32.13 after falling 1.86%.
Brazil have experienced a turbulent 2016 amid the country’s corruption scandal, troubled hosting of the Olympiad and the traumatic recession but the Brazil stocks have weathered these series of turmoil, showing that its equity markets have been standing still and shrugging off economic downturn.
The country’s broad stock index pulled off a shocker last year as it registered a 60% returns in US dollar terms in 2016, based on the figures from the MSCI, hailing the benchmark as the best-performing emerging market.