Ibovespa Futures Rise as Commodities Gain Boosts Export Outlook

Ibovespa futures rose as higher commodities boosted the outlook for Brazil’s raw-material producers amid signs the global economy is strengthening.

Airline Gol Linhas Aereas Inteligentes SA (GOLL3) may move after reporting a loss that was wider than analysts had forecast in the second quarter. Shopping-mall owner BR Malls Participacoes SA (BRML3) may be active after posting adjusted net income of 127.5 million reais ($55.7 million), exceeding estimates.

Ibovespa futures contracts expiring tomorrow rose 0.9 percent to 50,770 at 9:09 a.m. in Sao Paulo. The real weakened 0.1 percent to 2.2910 per dollar. The Standard & Poor’s GSCI index of 24 raw materials added 0.5 percent and European stocks advanced after a report from the ZEW Center for European Economic Research showed that investor confidence in Germany increased more than forecast in August.

“Tracking the external outlook, Brazilian equities will probably trade higher today,” Banco Bradesco SA’s economic team led by Octavio de Barros wrote in a note to clients.

The Ibovespa has gained 12 percent from this year’s low on July 3 as higher commodities prices boosted raw-material exporters and oil producer OGX Petroleo (OGXP3) & Gas Participacoes SA led a rally by companies owned by Eike Batista. Brazil’s benchmark equity gauge trades at 12.9 times analysts’ earnings estimates for the next four quarters, compared with 10.6 for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo was 8.68 billion reais yesterday, compared with a daily average of 7.58 billion reais this year through Aug. 6, according to data compiled by the exchange.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

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

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