Ibovespa Edges Up Amid Mixed Earnings
The Ibovespa rose above 148,000 on Thursday, driven by mixed earnings reports. Ambev's shares surged nearly 4% after a 36.4% increase in Q3 net profit to R$4.86 billion. Multiplan gained 0.8% ahead of expected strong revenue results. In contrast, Bradesco's shares fell over 3% despite an 18.8% rise in recurring net profit, as results fell short of expectations. Gerdau's shares slipped 1.1% ahead of its earnings report.
The Ibovespa inched higher to trade above 148,000 on Thursday amid a busy day of mixed earnings reports from major companies.
Ambev jumped nearly 4% after reporting a net profit of R$4.86 billion in Q3, up 36.4% from a year earlier.
Multiplan rose 0.8% ahead of its results, which are expected to show stronger revenue, after announcing two expansion projects worth R$65 million at Barra Shopping and BH Shopping.
Bradesco fell over 3% despite an 18.8% increase in recurring net profit, as results came in below bullish expectations.
JPMorgan said investors had anticipated a profit closer to R$6.5 billion and noted that higher “other expenses” and additional labor provisions offset solid pre-tax results.
Gerdau, set to report later in the day, slipped 1.1%.
