Ibovespa Futures Fluctuate as Metals Advance, Inflation Slows

Ibovespa futures fluctuated between gains and losses as higher metals prices boosted the outlook for raw-material producers and consumer inflation in Brazil’s biggest city unexpectedly slowed.

OSX Brasil SA (OSXB3), the shipbuilder controlled by Eike Batista, may move after Citigroup Inc. cut its recommendation to the equivalent of hold. Oil company HRT Participacoes em Petroleo SA may be active after saying in a regulatory filing it’s seeking “significant” spending cuts to safeguard its financial stability throughout 2014.

Ibovespa futures contracts expiring in October were little changed at 53,020 at 9:18 a.m. in Sao Paulo. The Bloomberg Base Metals 3-Month Price Commodity Index added 0.3 percent. The real was little changed at 2.2820 per dollar.

Consumer prices in Sao Paulo rose 0.21 percent in the four weeks ended on Sept. 7, according to the IPC-Fipe price index. That compares with a median estimate of 0.25 percent among economists surveyed by Bloomberg and a previous reading of 0.23 percent.

The Ibovespa entered a bull market on Sept. 9 after rising 20 percent from this year’s low on July 3 through that day. The gauge is still down 21 percent in dollar terms this year, compared with a decline of 5.9 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo yesterday was 8.87 billion reais, compared with a daily average of 7.73 billion reais this year through Sept. 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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