Ibovespa Snaps Two-Day Decline as Renner, Itau, Vale Lead Gain

The Ibovespa rose for the first time in three sessions as Lojas Renner SA (LREN3) led gains in retailers.

Lender Banco Itau Unibanco Holding SA rebounded from a one-week low after Citigroup Inc.’s analysts said they’re “bullish” on Brazilian banks. Iron-ore producer Vale SA gained after a report showed manufacturing increased in China, the company’s main export market.

The Ibovespa climbed 0.5 percent to 54,351.91 at 10:41 a.m. in Sao Paulo, with 57 stocks higher and 12 lower. The real was little changed at 2.2099 per dollar after last week rising 3.2 percent, the most among 16 major currencies tracked by Bloomberg.

“The environment favors a better performance for equities, with a positive outlook for growth and inflation apparently under control,” Rogerio Freitas, a partner at hedge fund Teorica Investimentos, said by phone from Rio de Janeiro.

Annual inflation slowed to 5.93 percent in the 12 months through mid-September from 6.09 percent at the end of August, the national statistics agency reported on Sept. 20.

Renner climbed 1.7 percent to 68.03 reais. Itau rose 1.1 percent to 31.73 reais. Vale added 0.9 percent to 32.66 reais.

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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