Bovespa Caps Biggest Monthly Decline Since November; Real Gains
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The Bovespa stock index fell, capping the biggest monthly decline since November, as airlines sank and investors speculated upcoming share sales will sap demand for Brazilian equities.
Tam, Brazil’s second-biggest airline, dropped the most on the index on concern a regulatory review will delay Lan Airlines SA’s $3.9 billion purchase of the carrier. Cielo SA, Brazil’s biggest card-payment processor by market value, slid to a record low on speculation mounting competition will drive down profits.