The Ibovespa rose for the first time in three days as a gain in commodities boosted the outlook for Brazilian raw-material producers amid reduced concern that the global recovery will falter.
Iron-ore producer Vale SA (VALE5) contributed the most to the gauge’s advance. The MSCI Brazil/Materials index was the best performer among 10 industry groups.
The Ibovespa rose 0.7 percent to 51,832.05 at 10:24 a.m. in Sao Paulo. The real weakened 0.4 percent to 2.3042 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials increased 0.2 percent. Stocks in Europe advanced as a measure of German consumer confidence beat estimates.
Vale added 1.9 percent to 31.46 reais.
The Ibovespa 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 24 percent in dollar terms this year, compared with a decline of 4.5 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org