Locaweb (LWSA3), Magazine Luiza (MGLU3) and Americanas (AMER3) jump around 10% and lead Ibovespa’s highs; understand

Shares of technology and retail companies were featured in the trading session this Wednesday (19), appearing among the main high percentages of the index – and also nominal. Locaweb (LWSA3), Magazine Luiza (MGLU3) and Lojas Americanas (LAME4) close, around 5 pm, the top 3, rising, respectively, 13.04%, 10% and 9.06%.

The highs, however, still do not erase the strong drops that these companies in the year. Locaweb, for example, despite today, still accumulates a drop of 31.92% in the 2022 trading sessions. And there is not necessarily a sign of a change in the scenario for these companies.

“Today’s highs still do not represent a change in the trend. We are still in a complicated environment for these companies, which should continue to have high volatility”, explains Henrique Esteter, market specialist at the InfoMoney.

Recently, for example, Goldman Sachs revised its price target for all retailers, stating that the Brazilian consumer has been under notable pressure in the last six months – with accelerating inflation, combined with the reduction and eventual elimination of emergency aid, in addition to of a high unemployment rate.

Esteter also reminds us that these companies have a negative sequence around the world. In the first place, Brazilian companies have suffered from the increase in fiscal concerns in Brazil, in addition to inflationary issues, since the middle of last year. In addition, abroad, these companies also recorded a sequence of casualties, with the minutes of the Fomc.

“The market started pricing in four interest rate hikes in the United States, something unthinkable until recently. Perspectives have changed a lot. Before, it was expected that the interest rate hike in the US would only start in 2023. We saw the treasuries of ten years to exceed the level of 1.80%, the highest level in 10 years”, comments the specialist.

Fund rescues weigh on papers

In addition, redemptions of funds also weighed – Banco Inter, which is also one of the biggest increases this Wednesday, rising 7.5%, was the target of sales by the “Monstro do Leblon”, for example. The Ponta Sul fund reduced its stake in the bank and dumped more than R$1 billion in the institution’s shares on the market.

“This whole context of pressure, which resulted in redemptions, made the papers depreciate. Now the pressure eases a little and the stock market starts to rise, which makes room for these companies to start moving forward”, explains Esteter.

Interest and improved scenario bring relief

This Wednesday, the Brazilian yield curve gives a relief to the roles of technology and retail companies. The DI contracts fell en bloc, with the contract expiring in January 2023, in the short end, for example, falling by seven basis points, to 12.02%, and those for January 2029, in the long end, retreating 20 points, to 11.35%.

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“For these two groups, the impact factor is similar. They are usually companies with a high growth rate and when we design a valuation, a good part of it is stipulated thinking about the future”, explains Esteter. “When there is an increase in the interest rate, there is an increase in the so-called discount rate”, says the expert.

Interest rates in the United States turned to fall after advancing earlier, while in Brazil the movement is also downward. The DIs have fallen sharply this Wednesday, after recent increases and also with the signs of the presidential candidate and former president Lula. He commented at a press conference that he sees no problem in making an alliance with Geraldo Alckmin to defeat Jair Bolsonaro.

Analysts said that the declaration was seen by the market as a sign of fiscal responsibility in an eventual PT government.

In addition, the retreat of the dollar, with futures falling 1.80% at R$5.81, eases concerns about inflation, even minimizing the rise in oil prices, which should put pressure on fuel prices. .

“On a day of milder sentiments in view of rising interest rates in Brazil and the United States, these sectors tend to appreciate. This, however, does not seem to be the scenario for the year”, comments Gustavo Cruz, strategist at RB Investimentos.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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