In the month, the IFIX has an accumulated decline of 1.18%, with 12 trading sessions of decline. (Photo: Renan Dantas/Money Times)
The Real Estate Investment Fund Index (IFIX) closed the day with the worst result of September. On Tuesday (17), the index fell 0.21%, reaching 3,353.66 points.
In the month, the IFIX has an accumulated decline of 1.18%, with 12 trading sessions of decline. In the year, however, the index has increased by 1.27%.
The market expects the Central Bank's Monetary Policy Committee (Copom) to raise the Selic rate this Wednesday (18). Copom options, contracts that allow the negotiation of rate variations, indicated that the BC should increase the Selic by 0.25 pp (R$ 76.50), but there were still those who considered a more hawkish (up 0.50 pp – R$ 15) or even more dovish (maintenance – R$ 8.75).
Although interest rates in Brazil are already high, Éxesnovos founding partner Artur Carneiro believes that increases tend to restrict real estate projects, which become less viable due to the high cost of capital. On the other hand, he believes that the scenario is even more favorable for investors in paper FIIs.
“With high interest rates and tax exemptions, this investment class becomes increasingly attractive compared to other options available on the market,” says Carneiro.
Today is also the day to receive the decision of the Federal Open Market Committee (Fomc), do Federal Reserve (Fed). In the United States, expectations are for monetary easing. The market remains divided on the size of the cut. The day before, the majority (63%) expected a reduction of 0.50 percentage points (pp), but another portion (37%) was betting on 0.25 pp, according to the CME FedWatch Tool.
The biggest gains and losses of IFIX in the last trading session
Among the positive highlights of IFIX, the BTG Pactual Shoppings (BPML11) advanced 0.82%, to R$92.55. Next, the funds appeared Mauá Capital Real Estate Receivables (MCCI11), up 0.81% to R$88.10, and Suno Fund of Funds (SNFF11), which rose 0.49% to R$99.99.
| Bottom | Ticker | Variation (positive) | R$ |
|---|---|---|---|
| BTG Pactual Shoppings | BPML11 | +0,82% | 92,55 |
| Mauá Capital Real Estate Receivables | MCCI11 | +0,81% | 88,10 |
| Suno Fund of Funds | SNFF11 | +0,50% | 88,45 |
| BB Progressive II | TVRI11 | +0,49% | 99,99 |
| BTG Pactual Fund of Funds | BCFF11 | +0,49% | 8,24 |
On the negative end, there was the Mauá Capital High Yield (MCHY11), which fell 1.82% to R$9.15. The Patria Real Estate FOF (HGFF11) fell 1.71%, quoted at R$80.60, while the Vinci Offices (VINO11) depreciated 1.42%, to R$5.56.
| Bottom | Ticker | Variation (negative) | R$ |
|---|---|---|---|
| Mauá Capital High Yield | MCHY11 | -1,82% | 9,15 |
| Patria Real Estate FOF | HGFF11 | -1,71% | 80,60 |
| Vinci Offices | VINO11 | -1,42% | 5,56 |
| Vinci Urban Properties | VIUR11 | -1,38% | 6,45 |
| Key Price Indices | CLIN11 | -1,26% | 93,15 |