BM&FBOVESPA Publishes March Market Performance

BOVESPA Segment

In March 2013, the equities market’s (BOVESPA segment) financial volume totaled BRL 148.27 billion in 18,232,464 trades, with daily averages of BRL 7.41 billion and 911,623 trades. In February, financial volume totaled BRL 140.96 billion, the total number of trades 15,078,756, the daily average financial volume BRL 7.83 billion and daily average number of trades 837,709.

Equities

The most traded stocks in March were: Vale PNA, with BRL 12.81 billion; PETROBRAS PN with BRL 11.54 billion; OGX PETROLEO ON with BRL 6.52 billion; ITAUUNIBANCO PN, with BRL 5.99 billion; and BRADESCO PN, with BRL 4.72 billion;

•  See daily market data

Indexes

The Ibovespa ended March at 56,352 points, down 1.87% from the previous month. The best performing stocks for the Ibovespa in March were: SUZANO PAPEL PNA (+16.54%), PETROBRAS ON (+16.29%), CESP PNB (+10.96%), PETROBRAS PN (+10.48%) and USIMINAS PNA (+10.41%). The biggest losses were: MRV ON (-33.94%), MMX MINER ON (-33.83%), OGX PETROLEO ON (-26.67%), BROOKFIELD ON (-20.32%) and ELETROPAULO PN (-17.24%).

All of the other BOVESPA segment stock-exchange indexes ended March as follows:

• BDRX (4.58% at 1,641 points);
• IBRA 0.63% at 2,019 points);
• IBXL (0.76% at 8,762 points);
• IBXX (0.64% at 21,531 points);
• ICO2 (-0.39% at 1,182 points);
• ICON (-2.93% at 2,364 points);
• IDIV (-1.00% at 3,426 points);
• IEEX (0.96% at 27,750 points);
• IFIX (-1.16% at 1,579 points);
• IFNC (4.17% at 4,288 points);
• IGCT (-0.30% at 2,170 points);
• IGCX (-0.54% at 7,939 points);
• IGNM (-1.09% at 1,700 points);
• IMAT (-2.72% at 1,710 points);
• IMOB (-5.31% at 843 points);
• INDX (-1.63% at 11,986 points);
• ISEE (0.22% at 2,438 points);
• ITAG (0.57% at 10,625 points);
• IVBX (-0.97% at 6,914 points);
• MLCX (1.23% at 966 points);
• SMLL (-3.95% at 1,490 points);
• UTIL (1.01% at 2,830 points).

Market Value

Market capitalization of the 362 companies listed on the BM&FBOVESPA in March was BRL 2.45 trillion, compared to BRL 2.46 trillion for the 363 companies listed in February.

Special Corporate Governance Levels

At the end of March, the 177 companies that are part of BM&FBOVESPA’s special corporate governance levels represented 68.15% of the market capitalization, 80.84% of the financial volume, and 86.37% of the trades in the spot market. At the end of February, there were 178 companies representing 68.08% of the market capitalization, 84.31% of the financial volume, and 98.27% of the spot market trades.

Payouts to Shareholders

In March of 2013, the financial volume from Corporate Actions managed by BM&FBOVESPA totaled BRL 5.73 billion, of which BRL 2.38 billion in dividends and BRL 3.07 billion in interest on shareholders’ equity paid to shareholders that use BM&FBOVESPA’s Custody service. In February the amount totaled BRL 1.61 billion, of which BRL 898.86 million in dividends and BRL 275.25 million in interest on shareholders’ equity.

Market Participation

The spot market accounted for 95.2% of total financial volume in March, followed by the options market, with 3.7%, and by the forward market, with 1.1%. The After Market traded BRL 691.42 million with 49,227 trades, compared to BRL 881.65 million and 54,431 trades in the previous month.

Investor Participation

In March, foreign investors were responsible for 42.51% of the total volume, compared to 41.38% in February. Institutional investors came next, with 31.85% from 33.08%; individual investors had 17.57%, compared to 15.86%; financial institutions, with 7.00%, compared to 8.75%; and companies, with 1.04%, compared to 0.91%.

Individual Investors

BM&FBOVESPA ended March with 587,797 individual investor stock exchange accounts in custody, compared to 586,211 accounts in February.

Foreign Investment 

In 2013, the financial volume traded by foreign investors in the stock market was a positive BRL 9.52 billion, from BRL 985.52 million in stock offerings and BRL 8.54 billion on the BM&FBOVESPA secondary market.

In March, the financial volume traded by foreign investors in the stock market was a positive BRL 1.59 billion, which is the net balance between stock sales of BRL 62.17 billion and stock purchases of BRL 63.76 billion.

Foreign investor participation in stock offerings, including IPOs, represented 56.5% of the total BRL 1.74 billion in transactions related to the publication of the closing announcement dates ending on April 03, 2013, pursuant to information available on the Exchange’s website, under the media section.

ETFs

The financial volume registered in March by the 15 BM&FBOVESPA Exchange-Traded Funds (ETFs) reached BRL 2.05 billion in 91,491 trades, from BRL 1.80 billion and 75,589 the previous month. The BOVA11 ETF, which tracks Ibovespa, had a financial volume of BRL 1.86 billion and 75,489 trades from BRL 1.68 billion and 69,277 the previous month. The IT NOW PIBB ETF, which tracks the IBrX-50, ended March on BRL 62.94 million and 3,241 trades, from BRL 38.75 million and 3,320 the previous month.

• See the monthly ETF bulletin

Securities Lending

In March, the total number of securities lending transactions reached 127,109 compared to 114,582 in February. Financial volume was BRL 89.44 billion in March from BRL 71.64 billion the previous month.

Corporate Securities

In March, the trading volume for the secondary market for corporate securities, counting both the BOVESPA FIX and the SOMA FIX, totaled BRL 14.90 million, compared to BRL 39.82 million in February. Of this total, debentures accounted for BRL 8.21 million, Mortgage Backed Securities (CRI) accounted for BRL 6.16 million, Certificates of Agribusiness Receivables (CRAs) for BRL 314,000 and Receivables Investment Funds (FIDCs) for BRL 210,000.

Real Estate Funds

Real Estate Funds (FIIs) surpassed the milestone of 100,000 investors in March. There are currently 102,691 of these investors, compared to 97,951 in March.

In March, these funds turned over BRL 763.43 million in 87,735 transactions, against BRL 739.10 million and 68,122 transactions in February. There were 100 of these funds registered at the end of the month for trading in the exchange and OTC markets of BM&FBOVESPA.

BM&F Segment

Derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 63,288,358 contracts and BRL 4.86 trillion in volume in March, compared to 64,633,757 contracts and BRL 4.63 trillion in February. Open interest contracts ended the last trading day of March 2013 with 42,317,995 positions, compared to 36,262,253 in February.

See the General volume

Financial Derivatives

In March, interest rate futures (ID) traded 38,989,702 contracts, in contrast to 37,659,879 in February. US Dollar futures ended the month of March with 7,066,895 contracts, compared to 6,038,874 in the previous month. Ibovespa futures traded 1,727,055 contracts, compared to 1,420,810 in February.

Mini Contracts

The derivatives market for mini contracts traded 4,033,661 contracts in March, compared to 3,222,371 in February. Of this total, the futures market for Ibovespa mini contracts traded 3,921,869, compared to 3,129,331 contracts in the previous month. Mini US Dollar futures traded 109,742 contracts, compared to 89,032 in February. Mini futures contracts ended March with 34,663 open interest contracts, compared to 22,520 in the previous month.

Agribusiness Derivatives

In March, the BM&FBOVESPA agribusiness derivatives market (including futures and options) totaled 151,047 contracts traded, compared to 125,292 in February. Agribusiness markets totaled 87,309 open interest contracts, in contrast to 85,514 in the previous month.

Live cattle futures and options totaled 58,400 contracts traded in March, compared to 42,212 in February. Corn futures and options totaled 66,507 contracts traded, compared to 62,097 in February. Arabica coffee ended March with 10,264 contracts, compared to 13,975 in February. Hydrous ethanol futures totaled 3,665 contracts, compared to 3,074 in February. Soybean derivatives totaled 8,778 contracts traded in March, against 3,097 the previous month.

Click here for the monthly commodities report

Agribusiness Securities

In March, agribusiness securities registered with BM&FBOVESPA totaled BRL 50.27 billion, from BRL 44.12 billion in February, including all of the transactions executed in the Agribusiness Securities Registration system. Agribusiness Credit Bills (LCAs) registered with the Exchange totaled BRL 42.05 billion, compared to BRL 40.01 billion in February.

Spot Gold

The spot gold market (250 grams) traded, in March, 616 contracts, compared to 838 contracts in February. Spot gold market volume totaled BRL 15.62 million, compared to BRL 21.63 million in the previous month.

Spot US Dollar

There were 75 spot US Dollar transactions totaling USD77.25 million in March, from 70 and USD67.75 million in February. US Dollar transactions in the Brazilian interbank market, registered for settlement with the Foreign Exchange Clearinghouse, totaled 2,966 transactions and USD60.62 billion, from 2,611 transactions and USD56.04 billion in February.

Government Securities

Financial volume in the secondary market for government securities totaled BRL 2.91 billion in March, against BRL 149.00 million in February, based on all of the transactions at SISBEX.

Investor Participation

In March, institutional investors led derivatives trading (BM&F segment), accounting for 37.85% of contracts traded, compared to 40.87% in the previous month. Financial institutions were responsible for 31.30%, compared to 29.45%; foreign investors for 26.21%, compared to 25.02%; individuals for 3.77%, compared to 3.44%; and companies for 1.14%, versus 1.15%.

Individual Investors

BM&FBOVESPA ended March with 133,512 individual investor stock exchange accounts in custody, compared to 130,916 accounts in February.

Volumes and trades by Direct Market Access (DMA)

BM&F Segment
In March, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 38,304,936 contracts traded and 4,345,480 trades. In February, the volume reached 38,121,123 contracts traded and 3,594,924 trades.

The volumes registered by each access modality in the BM&F segment were as follows:

Traditional DMA – 14,774,071 contracts traded, in 1,214,689 trades, in comparison to 17,042,073 contracts and 971,209 trades in February;

Via DMA provider (including orders routed via the Globex System) – 14,600,606 contracts traded, in 302,762 trades, compared to 14,211,620 contracts and 268,870 trades in February;

DMA via direct connection – 15,654 contracts traded in 7,218 trades, compared to 52 contracts in 14 trades in February;

DMA via co-location – 8,914,605 contracts traded, in 2,820,811 trades, compared to 6,867,378 contracts and 2,354,831 trades in February.

In March, transactions carried out by foreign investors presented by CME to BM&FBOVESPA (who use the Globex-BM&FBOVESPA PUMA Trading System order routing system or access BM&FBOVESPA markets via co-location) totaled 2,955,942 contracts traded, in 885,061 trades, compared to 2,310,477 contracts and 729,980 trades in February.

BOVESPA Segment

In March, order routing via DMA in the BOVESPA* segment totaled BRL 124.85 billion and 19,779,614 trades, from BRL 104.30 billion and 15,864,044 trades the previous month.

Trading volumes per type of DMA in the BOVESPA segment:

Traditional DMA – Volume of BRL 82.40 billion and 12,414,856 trades from BRL 73.02 billion and 10,493,481 in February;

DMA via provider – Volume of BRL 7.04 billion and 1,172,358 trades, from BRL 6.12 billion and 941,199 in February.

DMA via direct connection – Volume of BRL 1.90 billion and 119,585 trades, from BRL 1.09 billion and 64,396 in February.

DMA via co-location – Volume of BRL 33.05 billion and 6,072,815 trades from BRL 24.03 billion and 4,364,968 in February;

* Direct access to the BM&FBOVESPA market segments is carried out through DMA models 1, 2, 3 and 4.

In model 1 or traditional DMA, the client accesses the trading system through technological intermediation of a brokerage house.

In model 2 or via DMA provider, the client does not use the technological intermediation of a brokerage house, but rather connects to the system through an authorized access provider. DMA via order routing with CME Globex is also a form of DMA model 2.

In model 3, the client connects to the Exchange’s trading platforms through a direct connection.

In model 4 or via co-location, the client installs its own computer within the Exchange’s facilities. 

Notes: The volumes registered by access modality include both buy and sell sides of a trade.

The volumes by access modality for both the BM&F and the BOVESPA market segments have been reported in a consolidated manner in the BM&FBOVESPA statements since May 2009.