Brazil’s industrial production went against expectations and rose in February for the second month in a row, although some segments may already show the first signs of the consequences of the coronavirus pandemic. In February, Brazilian industrial production increased 0.5% in relation to the previous month, according to data released this Wednesday by the Brazilian Institute of Geography and Statistics (IBGE).
Despite the drop in exports, the trade balance closed March with the lowest positive balance in three years. Last month, Brazil exported $ 4.713 billion more than it imported. The result is 9.7% higher than the $ 4.296 billion surplus registered in March last year. Last month, the country exported $ 19.239 billion, a decrease of 4.7% in relation to March of last year by the criterion of the daily average. Imports totalled $ 14.525 billion, with a 4.5% decrease also by the daily average.
The Ultrapar group cut its investment projection in 2020 by 30% and cancelled earnings estimates for this year in view of the uncertainties generated by the coronavirus pandemic. The company also said that it reinforced its liquidity position by R$ 1.5 billion ($300 million), according to a relevant fact material published on Wednesday.
The Ibovespa closed down on Wednesday, with no signs of relief in concerns about the reflexes of Covid-19, which brought down the shares in March, with shares of airline companies again among the negative highlights of the session. The reference index of the Brazilian stock market, Ibovespa fell 2.81%, to 70,966.70 points, having reached 69,568.56 points at the worst moment. The financial volume totalled R$ 21.8 billion ($ 4.2 billion).
Even will repurchase up to 4.139 million shares outstanding on the market, according to a statement sent to the market on Wednesday. The amount corresponds to 2% of the total on the Exchange. The company believes that the operations will maximize the generation of value for shareholders, since, in the view of management, the current value of its shares does not reflect the real value of its assets and the prospect of profitability and generation of results.