Ibovespa Heads for Second Weekly Advance on Homebuilders
The Ibovespa (IBOV) headed for a second weekly gain as Brazilian homebuilders advanced, outweighing a drop in raw-materials companies.
MRV Engenharia e Participacoes SA rose the most on the BM&FBovespa Real Estate Index. Fibria Celulose SA (FIBR3), the world’s largest pulp producer, gained as the company said it will sell assets to pay down debt. Iron-ore producer Vale SA tumbled for a third day, following metals lower.
The Ibovespa was little changed at 56,314.29 at 4:33 p.m. in Sao Paulo. It has gained 2.1 percent this week. Thirty-five stocks dropped on the benchmark today while 36 rose. The real weakened 0.2 percent to 2.0479 per dollar.
MRV advanced 4.7 percent to 7.73 reais. Fibria gained 2 percent to 22.52 reais. Vale lost 0.7 percent to 30.18 reais.
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