Ibovespa Futures Rise as Commodities Gain Boosts Export Outlook

Ibovespa futures rose, after the equity gauge rallied the most among major global indexes yesterday, as higher commodities prices boosted the outlook for Brazilian raw-material producers.

BB Seguridade Participacoes SA (BBSE3), the insurance company controlled by Banco do Brasil SA, may move after it was rated buy in new coverage at UBS AG. Retailer Magazine Luiza SA (MGLU3) may be active after saying it plans to buy back as much as 2.7 percent of shares outstanding.

Ibovespa futures contracts expiring in October climbed 0.3 percent to 55,190 at 9:14 a.m. in Sao Paulo. The real was little changed at 2.1855 per dollar. The Standard & Poor’s GSCI index of 24 raw materials added 0.6 percent. The Ibovespa rose 2.6 percent yesterday after the Fed said it needs more evidence of improvement in the economy before starting to reduce the $85 billion pace of monthly bond purchases that have boosted emerging-market assets.

“Yesterday’s adjustment will probably continue in today’s session,” Banco Bradesco SA’s economic team, led by Octavio de Barros, wrote in a note to clients. “The Ibovespa will probably track global markets and trade higher.”

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 17 percent in dollar terms this year, compared with a decline of 3 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo was 8.97 billion reais yesterday, compared with a daily average of 7.74 billion reais this year through Sept. 17, 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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