:strip_icc()/s03.video.glbimg.com/x720/7336110.jpg)
[ad_1]
Friday (25), when the dam was broken, the São Paulo Stock Exchange was closed due to the birthday party. On Monday (28), the catastrophe is reflected in Vale's share prices. A drop of more than 20%.
Nearly 350 million shares of Vale are in the hands of Brazilian investors, including those who have invested through the FGTS, the guarantee fund.
But it is the foreign investors who hold the largest share of the company: 2.4 billion shares, nearly half of the total.
This Monday (28) was the first session of the São Paulo Stock Exchange after the tragedy of Brumadinho. The investor has entered the peso to get rid of the actions of the minor. The volume of Vale shares traded on Monday was more than eight times higher than the average of the last 30 days.
Since 2016, Vale's shares have been on the rise. They reached the record high of R $ 60 in September 2018. On Thursday (24), one day before the dam broke, the shares were worth R $ 56. On this second, they fell by 24%, or R $ 42. [19659006] "We still do not know what the lawsuits and the fines will be, which is the cause of this uncertainty and weighs heavily on newspapers today," said Karel Luketic, chief badyst at XP Investimentos.
In the end, the miner lost more than R $ 70 billion in market value. Never has a Brazilian company lost so much value in a day. Due to its significant weight in the Ibovespa, Vale pulled the index down – more than 2%. Bradespar – a holding company that invests in Vale shares – also recorded a sharp decline.
Sunday (27), at a special meeting, the Vale Board of Directors suspended the shareholders' compensation, ie no dividend and interest on the capital, and also suspended bonus payments to officers.
The Feijão mine accounts for about 2% of Vale's ore production.
"Today, the impact is very limited, but Vale can take precautionary measures and paralyze some nearby operations again, which could have a greater impact in the short term," he said. Karel Luketic.
Economists say that despite the tragedy and falling inventory, Vale continues to be a solid company.
"This is a very capital-intensive company, not a highly leveraged company, on the contrary, it has been very successful in reducing debt and staying more at the center of its core business. So it's an absolutely healthy business, "said Luís Fernando Figueiredo, a partner at Mauá Capital.
After the closing of the financial markets, the rating agency Fitch downgraded Vale's rating. From BBB + to BBB-.
This is the sign that the agency has less confidence in the ability of the company to pay its commitments. Fitch stated that this reflected the expectation that the voucher would have significant repair costs for the disaster.
Source link
