Bovespa Gains as Bank Rally Overshadows Canceled Karoon Sale
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The Bovespa stock index gained for a third day, capping a weekly advance, as Brazil’s largest banks rallied, overshadowing Australian gas explorer Karoon Gas Australia Ltd.’s canceled share sale.
Itau Unibanco Holding SA and Banco Bradesco SA, the nation’s two biggest lenders by market value, rose for a second day after Brazil added more jobs than expected. Cia. Energetica de Minas Gerais led gains in utilities stocks on prospects for rising prices. Petroleo Brasileiro SA, the state-controlled oil producer, dropped after Karoon, an explorer with prospects in Brazil and Peru, canceled an initial public offering of its South American business, citing an “unfavorable” market for stock sales.