Ibovespa futures rose, following the first weekly drop in Brazil’s benchmark stock gauge in May, as analysts increased their estimates for Brazil’s economic growth this year, bolstering the prospects for stocks.
Steelmaker Cia. Siderurgica Nacional SA may be active after announcing plan to buy back shares. Oi SA (OIBR4) may move as Standard & Poor’s changed the company’s credit rating outlook to negative.
Ibovespa futures contracts due in June added 0.4 percent to 53,185 at 9:24 a.m. in Sao Paulo. The real was little changed at 2.2225 per U.S. dollar.
Economists raised Brazil’s gross domestic product growth forecast this year to 1.63 percent from 1.62 percent, according to the median of estimates in a weekly central bank survey published today.
The Ibovespa entered a bull market on May 7, surging 20 percent from this year’s low on March 14, as Petroleo Brasileiro SA rallied on speculation a change in government will reduce intervention in state-run companies.
Trading volume of stocks in Sao Paulo was 5 billion reais on May 23, compared with a daily average of 6.71 billion reais this year, according to data from the exchange.
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