During the year, the accumulated figure was reversed again and the index fell 0.03%. (Image: Flávya Pereira/Money Times)
O Real Estate Investment Fund Index (IFIX) closed the day falling, despite the custom of showing an increase in the last trading session of the month due to the announcement of dividends from several FIIs. On Monday (30), the index fell 0.10%, reaching 3,305.97 points.
During the month, IFIX accumulated a drop of 2.58%, with 19 sessions in the red. In the year, the accumulated figure was reversed again and the index fell 0.03%.
The frequent negative performance of the index in the last month has as a backdrop not only the resumption of the cycle of rising interest rates, but also a seasonality already known in the markets. This period is when the budget is discussed, which has been a sensitive subject.
“Negative surprises involving fiscal spending – as observed in the last bimonthly revenue and expenditure report – are not exceptions in Brazil”, say Caio Mesquita and Felipe Miranda, analysts at Empiricus Research, in a recent report.
Another point of attention in the month was the international scenario. Signs of slowdown in China and Europe and increased geopolitical tensions in the Middle East also did not help keep the market confident.
Among the positive highlights, however, analysts point to the beginning of the cycle of interest rate cuts by the Federal Reserve in the United States. Here, despite a discouraging environment, there was a positive surprise with the recent release of the IPCA-15 of 0.13%, well below consensus estimates.
Despite all this, professionals assess that the movement towards rising interest rates “was already in the market's account”, however, September reserved an even more negative scenario for risk assets.
For October, risk aversion is still possible, mainly due to the government's lack of fiscal discipline, but the last quarter of the year normally sees a recovery. The average is a return of 4.8%, according to Empiricus analysts
The biggest highs and lows of IFIX in the last trading session
Among the positive highlights of IFIX, the Vinci Urban Properties (VIUR11) advanced 4.07%, to R$6.40. Then the funds appeared RBR Plus Multistrategia Real Estate (RBRX11), with an increase of 2.98%, to R$ 8.63, and Hotel Maxinvest (HTMX11), which rose 2.32%, to R$206.90.
| Bottom | Ticker | Variation (positive) | R$ |
|---|---|---|---|
| Vinci Urban Properties | VIUR11 | +4,07% | 77,27 |
| RBR Plus Multistrategia Real Estate | RBRX11 | +2,98% | 8,63 |
| Hotel Maxinvest | HTMX11 | +2,32% | 206,90 |
| BRPR Corporate Offices | BROF11 | +2,26% | 47,50 |
| XP Industrial | XPIN11 | +1,95% | 75,43 |
On the negative side, was the Green Towers (GTWR11), which fell 1.63%, to R$78.70. THE JS Financial Assets (JSAF11) fell 1.57%, quoted at R$ 93.02, while the Vbi Prime Properties (PVBI11) depreciated 1.28%, to R$84.24.
| Bottom | Ticker | Variation (negative) | R$ |
|---|---|---|---|
| Green Towers | GTWR11 | -1,63% | 78,70 |
| JS Financial Assets | JSAF11 | -1,57% | 93,02 |
| Vbi Prime Properties | PVBI11 | -1,47% | 84,24 |
| Vinci Offices | VINO11 | -1,35% | 5,10 |
| BTG Pactual Logística | BTLG11 | -1,33% | 97,83 |