Understand what happens to Americanas shares outside the Ibovespa

Americanas shares, traded under the ticker AMER3, were excluded from the Ibovespa and 13 other indices after the retailer had its request for judicial recovery accepted by the Justice. But what happens to investors who own shares in the company? And with the funds that also have the papers?

According to experts consulted by the CNN , Americanas shares will continue to be traded on the stock exchange. What changes is that they will no longer be included in the composition of the Ibovespa or other indices after this Friday’s (20th) trading session.

That is, the investor will no longer see the ticker on the Ibovespa, among the main negotiations, but can still search for it in his home broker and place a buy or sell order on the exchange.

“The stock continues to be traded normally, it just stops being part of a specific basket of assets”, explained Victoria Minatto, market analyst at Eleven Financial Research.

According to the specialist, one of the implications that the removal of AMER3 from the Ibovespa brings is the decrease in liquidity, since the stock no longer has the same visibility as before, therefore, the number of negotiations decreases.

In addition, investment funds that replicate the indexes that Americanas will no longer have should also sell the shares, according to Fernando Ferrer, an analyst at Empiricus Research.

“There are many ETFs that will passively sell the company’s shares to fit the new composition of the Ibovespa or those other indices,” he said.

Americanas shares will be withdrawn from the portfolio of the following indices, as announced by B3 on Thursday (19): IBOV, IGCX, ICO2, ICON, IBXX, IGCT, IGNM, IBRA, IVBX, ISEE (ISE B3), ITAG, SMLL, IBXL and GPTW.

According to the rules of B3 itself, a company that is undergoing judicial recovery is not eligible to compose the various indexes of the stock exchange. The information on Americanas’ action will be published in a special segment called “Judicial Reorganization” on the Daily Information Bulletin.

Fernando Ferrer pondered that the moment is one of caution for those who have company shares in their portfolio, and does not recommend buying the shares or operating short. For him, selling the asset or maintaining his position (which has already been reduced by the market) are the best options at the moment.

“I think there will be a selloff of the shares and great volatility, both up and down, but I don’t see a clear opportunity for the investor in the paper now, I still see a lot of risk”, he said.

“We don’t know how much capital increase will be done, and we see a very big deterioration, not only in terms of image, but also operationally. The supplier no longer wants to supply because he is afraid of not receiving it, as well as the market place seller”, highlighted the analyst.