Big global players like Will Landers and Mark Mobius may have driven Brazil’s world-beating stock rally for most of this year, but it’s the local investor community that’s now taking the lead.
After sitting on the sidelines as lawmakers’ push to oust President Dilma Rousseff spurred a wave of buying by foreigners, local investors including mom-and-pop types are suddenly returning to the market and now account for almost a fifth of all trades, the highest portion since 2012, exchange data show. That their change-of-heart coincides with the final days of Rousseff’s administration after the Senate voted Thursday to suspend her from office to face an impeachment trial is no coincidence.
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