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Falling from day to day, in the face of the perception that the Social Security Reform could be delayed in Congress, the Ibovespa (main indicator of B3, Sao Paulo Stock Exchange) accelerated the losses in the last line of the trading session. The news that Vale had permission to operate the Laranjeiras Dam which receives the production residues from the Brucutu mine, the largest mining company in Minas Gerais, was suspended. close at a minimum of 3.74% to 94,635.57 points. This was the largest percentage decline since May 28 of last year, at the time of the truckers' strike.
In addition to the suspension of the provisional authorization of the dam, decided by the State Secretariat for the Environment and Sustainable Development (Semad), information was provided that the minor knew of problems of sensors responsible for monitoring the situation of the Córrego do Feijão mine. days before the break. In addition, the 1st Regional Regional Federal Court (TRF1) denied the company's request to resume operation of the Onça Puma nickel mine in Pará.
Faced with the series of bad news, the company's papers halted the negotiations, recording a 4.05% drop, shortly after the disclosure of a relevant fact of the mining company explaining the suspension of the license . The stock closed at the bottom of the day, with a drop of nearly 5% (4.88%).
In the midst of the greatest skepticism about the reform, some of the so-called Kit Brazil's roles were among the biggest pullbacks in the negotiating session. This was the case of Banco do Brasil ON, which closed with a loss of 6.09%. Eletrobrás net banking income fell 4.08%. Among Ibovespa's shares, only Suzano ON closed up (+ 1.18%), influenced by the appreciation of the dollar.
"We saw early on that, although the stock market has risen sharply in recent days, the fall has been more than profitable.The perception is that the procedure (from the pension reform) becomes more complicated. from scratch, the question going through a new process: there are those who believe in the approval of the reform in the first semester, but I think it's a very optimistic badessment, given the back and forth that must happen, "said Eduardo Guimarães, equity specialist at Levante Ideias de Investimento.
Dollar
The dollar recorded the strongest rise yesterday in the last 11 trading days and rose 1.11% to R $ 3.709. Real recorded one of the worst performances in the world against the US dollar, which strengthened against developed and emerging country currencies due to fears of further US government slowdowns and slowdowns in the US. the global economy. Here, concerns about pension reform have led the investor to seek dollar protection.
Vale has already lost R $ 70.6 billion in market value
With a nearly 5% fall in equity on Wednesday, Vale has already lost R $ 70.6 billion in market value since the accident. from the Córrego do Feijão mine in Brumadinho (MG), was produced on 25 January.
One day before the dam broke, Vale's market value rose to R $ 289.7 billion, falling to R $ 219.1 billion yesterday.
According to one badyst, who asked not to be identified, the suspension of the temporary permit requiring the miner to operate the Laranjeiras dam and his request to resume the activities of the Onça Puma nickel mine in Pará, refused by the tribunal The federal regions of the 1st region (TRF1) reinforce the vision of greater uncertainty concerning the mining company.
Onça Puma's unit accounted for 11% of Vale's nickel production between January and September 2018, while the closure of Brucutu could absorb 30 million tonnes of iron ore from the market; which would represent 40 million tonnes. Nor will it be produced this year in the mines of Minas Gerais, whose dams were closed by Vale after the tragedy.
According to Mirae badyst Corretora Pedro Galdi, the market is starting to add any negative news to the mining company, which can still be sanctioned by foreign investors. In general, Galdi remembers, these investors often turn to the US courts to claim compensation for losses when the company is responsible for the decline of the stock.
"The first stock-market crash (day 28/2) was exaggerated and the market was gradually corrected, but when the death toll (from Brumadinho) began to fall, the note was downgraded and the different negative news today, the paper has lost its value, "explained Galdi, who also listed on the" negative list "the fines announced.
For badysts, from the point of view of production, society can compensate for the reduction by changes in strategies. In the case of iron ore, they believe that it is possible to take advantage of the production of Carajás, in the north system. The judicial decision that paralyzed the Brucutu mine is however considered a factor of uncertainty. "The Brucutu dam is completely different from the one that broke it, but the justice system has decided to stop," said the representative of one of the mining company's leading badytical houses.
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