Taesa (TAEE11) and Cyrela (CYRE3) collapse; know the reasons

Ibovespa: why did Taesa (TAEE11) and Cyrela (CYRE3) fall together with electrical and construction companies?
Cyrela. Photo: Reproduction Facebook

Cyrela’s share (CYRE3) and Taesa’s unit (TAEE11) plummeted this Thursday (26), sour the Ibovespa. The drop came amid concerns about the water crisis and inflation.

THE Cyrela led the Ibovespa’s biggest casualties today when devaluing 5.94%, to R$ 19.94. Other construction companies, such as MRV (MRVE3) and Eztec (EZTC3), fell close to 4%.

The market digested the release of the Extended Consumer Price Index – 15 (IPCA-15), which rose 0.89%, above market expectations. Electricity represented a relevant impact on the indicator and could affect it even more, if the National Electric Energy Agency (Aneel) readjusts red flag 2 again.

“Thursday was marked by the absorption of the water crisis and the impact on inflation,” highlighted the team led by Régis Chinchila, an analyst at Terra Investimentos. “This fact caused short interest rates to advance.”

The fear also reached the shares of electrical companies listed on the São Paulo Stock Exchange (B3). THE Taesa presented a fall of 3.71%, reaching R$ 38.14, while Eletrobras (ELET3) and Equatorial (EQTL3) dropped 0.61% and 1.17%, respectively.

Steel mills and shopping mall companies fall in bloc

In the same sense as the construction companies, the administrators of malls listed on the Brazilian stock exchange suffered from a possible rise in the basic interest rate (Selic). The shares of brMalls (BRML3) and Multiplan had devaluations of 3.50% and 3.35%, respectively. Iguatemi (IGTA3) had a strong fall of 5.28%, the third largest in the Ibovespa on this Thursday.

Steelmakers, on the other hand, registered a movement of realization, despite the 2.87% increase in iron ore, quoted at US$ 152.92 a ton, in Qingdao. Usiminas (USIM5) shares fell 3.46%, while CSN (CSNA3) and Gerdau (GGBR4) lost 3.02% and 3.10%.

In the mining sector, Vale (VALE3) fell 1.28% and Bradespar (BRAP4), 1.34%. CSN Mineração (CMIN3), out of the stock index, retreated 3.29%.

Ibovespa has the biggest daily decline of the month, influenced by external factors

On a day of tensions in the foreign market, the stock market fell after two consecutive days of high and had the biggest daily drop of the month.

The Ibovespa index, from B3, the Brazilian stock exchange, closed this Thursday (26) at 118,724 points, with a decline of 1.73%. With today’s performance, the indicator starts to accumulate loss of 3.08% in August.

After several days of truce, the international market had a tense day amid expectations regarding the pronouncement of the chairman of the Federal Reserve (Fed, US Central Bank), Jerome Powell. US stocks closed lower after several consecutive records in recent sessions.

Tomorrow (27), Powell will speak at a Fed symposium and give signals if the agency intends to anticipate the withdrawal of monetary stimuli – interest rates at the lowest level in history and the purchase of bonds – granted during the covid-19 pandemic. Lower interest rates in advanced economies benefit emerging countries like Brazil, because they attract foreign capital to economies with higher interest rates.

At the same time, the decline in the price of some commodities (primary goods with international quotation) influenced the market in countries that export agricultural and mineral goods. The increase in covid-19 cases resulting from the delta variant of the new coronavirus and the regularization of supply in Mexico caused international prices for Brent-type oil to drop by 1.6%.

Ibovespa quotation on this Thursday (26)

O Ibovespa, the reference index of the Brazilian stock exchange, closed the trading session this Thursday at a low of 1.73%, at 118,723.97 points.

*with information from Reuters and Estadão Content