‘Bloody Monday’: B3 and CSN plummet 40%, BTG and BB dive 30%
Save whoever can. As expected, the Ibovespa plummeted from the opening, with investors unwinding the positions they had built up over the past few weeks.
The Ibovespa plummeted on opening, triggering a circuit breaker after a 15% drop, and later fell over 16% with many stocks in auction. Several major companies, including B3, CSN, and Magazine Luiza, saw declines of 40-50%, while others like Vamos and BTG fell by 60% and 35% respectively. The SMALL11 index of small caps dropped around 30%.
In contrast, exporters like Gerdau, Suzano, Vale, and Embraer rose 5-10%. The JP Morgan downgraded Brazil's sovereign debt recommendation to underweight, while maintaining an overweight rating for investment-grade corporate bonds.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
