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Ibovespa, the main index in the Brazilian stock market, rose 0.87% Tuesday, closing at 65,667.62 points, driven by the shares of Vale and Petrobras, boosted by higher commodity prices abroad.
Vale's shares (VALE3 +5.08%, VALE5 +4.75%) posted the largest increase amid Ibovespa's constituents, boosted by iron ore prices. Market expectation regarding a mining sector reform, announced by the government after the market closure, also moved prices.
The main change to the current rules was the increase in the royalties fees paid by the sector. For the iron ore, the royalty charge will vary from 2% to 4% of gross iron ore sales revenue, depending on the global prices. Until now, the rate was at 2% of the net iron ore sales revenue.
Petrobras shares (PETR3 +2.53%, PETR4 +2.63%) also had a positive day, tracking the rise in oil prices. Fibria's shares (FIBR3 -2.21%) were the negative highlight. The company reported a net loss of R$ 259 million in the second quarter - its worst quarterly result since 2015.
"Today's high relies a lot on commodities. We are seeing a global movement of stocks linked to raw materials, with iron ore rising almost 2.5% and oil more than 3%," said Elite Corretora economist Hersz Ferman.
Late in the morning, rumors that Finance Minister Henrique Meirelles could step down if the government revises the 2017 fiscal target put some downward pressure on the stock market, lowering Ibovespa's gains.
The Finance Ministry then denied the news in the middle of the afternoon. The locally traded US dollar closed the trading session rising by 0.66%, at R$ 3,169, influenced by investors' caution over Meirelles' rumor.
The Ibovespa may have another positive day Wednesday, but some volatility is not ruled out, with the Federal Reserve's and the Brazilian Monetary Policy Committee (Copom) decisions on interest rates added to a large number of corporate balance sheets.
