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Ibovespa Futures Rise as Gain in Commodities Supports Exporters

Ibovespa futures climbed, following the benchmark stock gauge’s advance to its highest level since November, as commodity prices increased, boosting the outlook for Brazil’s raw-materials exporters.

State-controlled Petroleo Brasileiro SA may be active after it found crude in the state of Rio Grande do Norte. CPFL Energia SA (CPFE3) may move after Brazil’s power regulator allowed a subsidiary to raise rates less than it had requested.

Ibovespa futures contracts due this month rose 1.5 percent to 53,050 at 9:30 a.m. in Sao Paulo. The real strengthened 0.9 percent to 2.1998 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials climbed 0.5 percent. Commodities producers account for about one third of Ibovespa’s weighting.

Brazil’s benchmark equity gauge entered a bear market March 14 after falling 20 percent from its October high through that day. The gauge has since gained 16 percent as state-owned companies including Centrais Eletricas Brasileiras SA (ELET6) rebounded.

Trading volume of stocks in Sao Paulo was 7.35 billion reais yesterday, compared with a daily average of 6.55 billion reais this year, according to data from the exchange.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editors responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net Dennis Fitzgerald, Richard Richtmyer

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