Bovespa Advances for Second Day as Steelmakers, Petrobras Rally
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Brazil’s Bovespa stock index advanced for a second day as steelmakers rallied after a sale of iron-ore assets and Petroleo Brasileiro SA gained.
Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-biggest steelmaker, rose the most in three weeks after Sumitomo Corp. reached a final agreement to buy as much as $1.93 billion of shares in the company’s iron-ore unit. Vale SA, the world’s largest iron-ore producer, extended the longest streak since January, rising for a seventh day as metals climbed. Petrobras advanced ahead of a 2-percentage-point boost in its weight in the MSCI Brazil stock index because of its $70 billion share sale.