Key points from this week’s report:
Please refer to the attached PDF for the full report.
Brazil’s Bovespa index declined 0.6% last week and breached support at its 21-DMA. The index was shifted to an Uptrend
Under Pressure from a Confirmed Uptrend. We recommend investors selectively add risk in Brazilian equities.
Mexico’s main benchmark declined 1.0% last week but found support at its 21-DMA, and is only 3% off its 52-week high. The
index remains in a Confirmed Uptrend. We recommend investors add risk in Mexican equities.
The total number of Focus List stocks in the LATAM region remains at four.
Stocks of interest: Gentera (CSV.MX; GENTERA* MM), Industrial Penoles (PA2.MX; PENOLES* MM), Itausa Investimentos
(IS4.BR; ITSA4 BZ), Banco BTG Pactual (BPC.BR; BPAC11 BZ) and Orizon Valorizacao de Residuos (OVD.BR; ORVR3 BZ).
Additional ideas are listed on page 2.
Symbol: BPC.BR
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index gained 0.3% last week and continues to trade above all its key moving averages. The index remains in a Confirmed Uptrend. We recommend investors add risk in Brazilian equities.
- Mexico’s main benchmark index declined 1.6% last week and is trading 4% off its 52-week high. The index remains in a Confirmed Uptrend. We recommend investors add risk in Mexican equities.
- The total number of Focus List stocks in the LATAM region remains at three.
- Stocks of interest: Porto Seguro (PSO.BR; PSSA3 BZ), Banco BTG Pactual (BPC.BR; BPAC11 BZ), Qualitas Controladora (QCC.MX; Q* MM) and Grupo Aeroportuario Del Centro Norte (OMA.MX; OMAB MM). Additional ideas are listed on page 2
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index advanced 1.2% last week and is trading only 1% off highs. The index remains in a Confirmed Uptrend. We recommend clients add risk in Brazilian equities.
- Mexico’s benchmark index declined 1.1% last week and is trading 9% off-highs. The index remains below the 200-DMA and in a Rally Attempt. We recommend investors wait for a follow-through day to add risk in Mexican equities.
- The total number of Focus List stocks in the Latam region remains at six. Dor Sao Luiz On (RD2.BR, RDOR3 BZ) is actionable.
- Stocks of interest: Banco Pan (PMP.BR, BPAN4 BZ), Porto Seguro (PSO.BR, PSSA3 BZ), and Bb Seguridade (BBS.BR).
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa index rose by 2.6% last week and hit a new 52-week high. The Brazilian market was shifted to a Confirmed Uptrend from a Rally Attempt. We recommend clients add risk in Brazilian equities.
- Mexico’s main benchmark gained 2% last week. It is below the 200-DMA and is trading 8% off-highs. The index remains in a Rally Attempt. We recommend investors wait for a follow-through day to add risk in Mexican equities.
- We added Rede Dor Sao Luiz (RD2.BR, RDOR3 BZ) to the Focus List, taking the total number of Focus List stocks in the Latam region to six.
- Stocks of interest: Petro Rio (HRT.BR, PRIO3 BZ), Vibra Energía (PRB.BR; VBBR3 BZ), Banco Pan (PMP.BR, BPAN4 BZ), Itau Unibanco (IU4.BR; ITUB4 BZ) and Porto Seguro (PSO.BR, PSSA3 BZ).
April 25, 2024 – Weekly Best Ideas
Join our analysts for our Weekly Best Ideas webinar, where they discuss the current outlook for global markets from an O’Neil perspective and delve into the best actionable stock ideas of the week.
O’Neil Financial Sector Weekly
Financial sector gained 2.5% over the last five sessions.
Market View
The U.S. market is in a Downtrend. On Monday, we shifted the market to a Downtrend for the first time since late-October 2023. For the week, the S&P 500 and the Nasdaq fell 3.0% and 5.5%, respectively, and each breached their 50-DMA for the first time in over five months. The Nasdaq also sliced below the 100-DMA (15,490), while the S&P 500 remains slightly above (4,935). Long-term 200-DMA support is 6% and 4% below, respectively. With another low set on Friday, we need to see four days off the bottom before a potential follow-through day, which could now occur next Thursday at the earliest.
Global Focus Emerging
Global Focus Emerging
Won Global View
The U.S. market is in a Downtrend. The S&P 500 and Nasdaq declined 60bps and 120bps, respectively, and closed at session lows. We
see the next level of support for the indices near the rising 100-DMA (4,926/15,465). We would like the indices to hold above yesterday’s
lows for at least three sessions before shifting them to a Rally Attempt. A follow-through day (a gain of 1.7% or more on higher volume)
can occur as early as Tuesday.
LATAM Weekly Summary
Key points from this week’s report:
Please refer to the attached PDF for the full report.
- Brazil’s Bovespa declined 0.7% last week. The index remains in an Uptrend Under Pressure with five distribution days. We recommend clients selectively add risk in Brazilian equities.
- Mexico’s benchmark index declined 2.6% last week. The index was shifted to an Uptrend Under Pressure from a Confirmed Uptrend as it breached support at the 50-DMA. We recommend clients selectively add risk in Mexican equities.
- The total number of Focus List ideas in the LATAM region remains at eight.
- Stocks of interest: Petro Rio (HRT.BR; PRIO3:BZ), Klabin (KLU.BR; KLBN11:BZ) and Grupo Aeroportuario del Sureste (AUS.MX; ASURB:MM).
