The Ibovespa climbed to a one-week high after retailer Lojas Americanas SA (LAME4) and its unit B2W Cia. Digital gained after posting results that were better than analysts had estimated.
Power utility Cia. Paranaense de Energia was the best performer on the gauge after announcing a dividend payment of 325 million reais ($140 million). Steelmaker Cia. Siderurgica Nacional SA (CSNA3) and homebuilder Brookfield Incorporacoes SA (BISA3) also rallied after reporting third-quarter results.
The Ibovespa rose 1 percent to 52,750.08 at 10:23 a.m. in Sao Paulo, with 63 of its 72 stock members trading higher. The real climbed 0.4 percent to 2.3247 per U.S. dollar. The MSCI World Index added 0.3 percent after Fed chairman nominee Janet Yellen said the U.S. economy must improve before monetary stimulus is pared.
“We had some companies that reported good earnings among the top performers today, pushing the index higher,” Luis Gustavo Pereira, a strategist at Futura Corretora brokerage in Sao Paulo, said in a phone interview. “Stocks are also reacting to Yellen’s remarks about the stimulus program in the U.S.”
Lojas Americanas climbed 3.1 percent to 15.76 reais. The company posted adjusted net income of 97 million reais in the third quarter, more than the average estimate of 93 million reais, according to data compiled by Bloomberg. B2W, which posted a loss that was less than analysts had forecast, jumped 5.5 percent to 13.82 reais.
CSN, as Cia. Siderurgica is known, added 4.7 percent to 12.77 reais. Brookfield advanced 1.8 percent to 1.14 reais.
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