Ibovespa Futures Rise as Commodities Gain Boosts Export Outlook

Ibovespa futures advanced as commodities including industrial metals and oil gained, buoying the outlook for Brazil’s raw-material exports.

Retailer Via Varejo SA (VVAR11) may move as it was rated a buy in new coverage at Banco Santander SA. Oil company QGEP Participacoes SA (QGEP3) may be active after saying production at its Atlanta field may start by the end of 2015.

Ibovespa futures contracts expiring next week advanced 0.6 percent to 46,995 at 9:19 a.m. in Sao Paulo. The real climbed 0.1 percent to 2.4001 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials advanced 0.4 percent. Commodities producers account for about 35 percent of the Ibovespa’s weighting, according to data compiled by Bloomberg.

“Most commodities are trading higher, especially oil and soft commodities, which should help to boost the real and equities in today’s session,” Banco Bradesco SA’s economic team wrote in a research note to clients.

Brazil’s benchmark equity gauge has tumbled 17 percent from a bull-market high on Oct. 22 as inflation exceeded policy makers’ target for a third consecutive year and concern mounted that higher government spending will lead to a reduction in the country’s credit rating.

Trading volume of stocks in Sao Paulo yesterday was 6.59 billion reais, compared with a daily average of 6.3 billion reais this year, according to data 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: Brendan Walsh at bwalsh8@bloomberg.net

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