The Ibovespa climbed to a one-week high as Rossi Residencial SA (RSID3) led gains among homebuilders amid speculation that faster growth in the global economy will support Brazil’s recovery.
Travel agency CVC Brasil Operadora e Agencia de Viagens SA snapped a two-day drop after it was rated the equivalent of buy in new coverage at JPMorgan Chase & Co., Morgan Stanley and Itau BBA Securities. Duratex SA (DTEX3), a maker of wood panels and metal fixtures including faucets, advanced the most in two weeks.
The Ibovespa climbed 0.2 percent to 49,805.88 at 10:39 a.m. in Sao Paulo, with 46 stocks higher and 22 lower. The real appreciated 0.3 percent to 2.3439 per U.S. dollar. The global economy will expand 3.2 percent this year, up from a June projection of 3 percent growth, the World Bank said in a report published yesterday.
“What’s pushing equities higher is the forecasts from the World Bank, which paints a more positive scenario for the global economy,” Luciano Rostagno, the chief strategist at Banco Mizuho do Brasil in Sao Paulo, said in a phone interview. Rossi’s shares advanced 1.6 percent to 1.95 reais. CVC climbed 1.7 percent to 15.87 reais. Duratex increased 2.3 percent to 12.38 reais.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at email@example.com
To contact the editor responsible for this story: Brendan Walsh at firstname.lastname@example.org