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Bovespa-Index Futures Rise as Vale Gains After U.S. Fiscal Deal

Bovespa (IBOV) stock-index futures jumped for a second day as higher commodities prices bolstered the outlook for Brazil’s biggest companies.

Iron-ore producer Vale SA (VALE) and oil company Petroleo Brasileiro SA (PBR), the two heaviest-weighted stocks on the Bovespa index, gained in Frankfurt trading. Homebuilder MRV Engenharia e Participacoes SA may move after saying a subsidiary was included in a government list of companies with illegal labor practices.

Bovespa futures rose 2.3 percent to 62,675 at 9:23 a.m. in Sao Paulo. The real fell 0.6 percent to 2.0384 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials rallied 0.7 percent and oil advanced to the highest level in more than 10 weeks in New York after U.S. lawmakers passed a bill that averted spending cuts and tax gains threatening a recovery in the world’s biggest economy.

The Bovespa climbed 7.4 percent in 2012 in its biggest yearly rally since 2009 as stimulus from central banks around the world eased economic concern and borrowing costs at a record low in Brazil boosted equity demand.

Trading volume was 5.9 billion reais ($2.9 billion) in stocks in Sao Paulo on Dec. 28, which compares with a daily average of 7.3 billion reais this year through that same day, according to data compiled by the exchange. Brazilian markets were closed on Dec. 31.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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