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.
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