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.
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