Ibovespa futures dropped as commodity prices declined, dimming the outlook for Brazil’s exporters of raw materials.
Clothing stores chain Cia. Hering (HGTX3) may move after earnings trailed forecasts. Home appliances retailer Magazine Luiza SA (MGLU3) may be active after announcing a plan to buy back as many as 5 million shares, or 8 percent of free float.
Ibovespa futures contracts due in June dropped 0.7 percent to 52,080 at 9:13 a.m. in Sao Paulo. The real weakened 0.7 percent to 2.2301 per dollar. The Standard & Poor’s GSCI index of 24 raw materials retreated 0.1 percent. Commodity producers account for about one-third of the Ibovespa’s weighting.
Trading volume of stocks in Sao Paulo yesterday was 5.88 billion reais, compared with a daily average of 6.73 billion reais this year, according to data from the exchange.
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