Ibovespa Futures Fluctuate After Iran Agreement as Metals Drop

Ibovespa futures fluctuated between gains and losses after Iran agreed to limit its nuclear program, boosting demand for riskier stocks such as equities, and lower metals dimmed the outlook for producers.

Oil company HRT Participacoes em Petroleo SA may move after agreeing to sell a stake of its assets in Brazil’s Solimoes basin. Gerdau SA (GGBR4) may be active after Credit Suisse Group AG cut its recommendation on the steelmaker to the equivalent of hold.

Ibovespa futures contracts expiring in December climbed 0.1 percent to 52,925 at 9:21 a.m. in Sao Paulo. The real weakened 0.4 percent to 2.2875 per U.S. dollar. The Bloomberg Base Metals 3-Month Price Commodity Index fell 0.1 percent.

The MSCI World Index advanced 0.1 percent as Iran agreed to curtail nuclear activities in return for easing of some sanctions on oil, auto parts, gold and precious metals, an accord that broke a decade-long deadlock.

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 23 percent in dollar terms this year, compared with a decline of 3.9 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo was 6.25 billion reais on Nov. 22, compared with a daily average of 7.55 billion reais this year through that day, according to the latest data available from 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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.