Brazilian banks are leading a decline in the Ibovespa today as investors sold riskier assets in the second trading session after the "Brexit" decision. The vote spurred concerns that a global slowdown would further the recession in the Latin American country, Bloomberg reports.
Lenders Banco Bradesco and Itau Unibanco (ITUB) were the largest contributors to the drop in the Ibovespa, which is sliding 1.75% to 49,229.05 in mid-afternoon trading today.
"There's a lot of uncertainties in the world now, and investors respond to that with caution," Hersz Ferman, an analyst at brokerage Elite Corretora, told Bloomberg.
Banco Bradesco is an Osasco, Brazil-based multiple service bank.
Shares of Itau Unibanco are down 3.87% to $8.20 on Monday afternoon.