Pulse of The Market: Tuesday’s 10 Top Performers

8. Banco Bradesco SA (NYSE:BBD)

Banco Bradesco increased its share prices by 3.38 percent on Tuesday to end at $2.2950 apiece following news that Brazil’s central bank is set to carry out more rate hikes in their next monetary board meetings.

BBD, one of Brazil’s largest private banks, is set to benefit from the imposition of higher rates as it could potentially prop up its net interest income.

Last week, Brazil’s central bank pulled the trigger for a 1-percentage point rate hike, raising it to 14.25 percent per annum, an adjustment that was widely anticipated by analysts.

According to the central bank, there is enough room for more rate hikes, albeit the next monetary board meetings will see lower increases.

“Due to the lags inherent to the ongoing monetary cycle, the Committee also deemed appropriate to communicate that the next move would be of a smaller magnitude,” monetary policymakers said.