Fuels and petrochemicals group Ultrapar Participacoes SA may be active after also posting earnings that topped forecasts. Bus maker Marcopolo SA (POMO4) may move after Deutsche Bank AG raised its recommendation on the stock to hold from sell.
Ibovespa futures contracts expiring in December dropped 0.4 percent to 53,300 at 9:27 a.m. in Sao Paulo. The real was little changed at 2.2901 per dollar. The Standard & Poor’s GSCI index of 24 raw materials declined 0.1 percent.
Vale, the heaviest-weighted stock on the Ibovespa, posted third-quarter net income of $3.5 billion, or 68 cents a share, higher than the average forecast of 60 cents among eight analysts in a survey by Bloomberg.
Brazil’s main equity index entered a bull market Sept. 9 after rising 20 percent from this year’s low on July 3 through that day. The gauge is still down 22 percent in dollar terms this year, compared with a decline of 4 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.
Trading volume of stocks in Sao Paulo was 7.49 billion reais yesterday, compared with a daily average of 7.61 billion reais this year through Oct. 22, according to the latest data available from the exchange.
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