Marcopolo SA, a Brazilian truck and bus bodies manufacturer, snapped a two-day decline after it was added to a benchmark index of emerging-market stocks.
Shares gained 3.4 percent to 11.37 reais at 1:57 p.m. in Sao Paulo after earlier rising as much as 4.8 percent. The Bovespa index advanced 1.3 percent.
Marcopolo’s voting stock will be included on the MSCI Emerging Markets Index, MSCI Inc. said in a statement late yesterday. The addition, part of a rebalancing following a quarterly review, takes effect at the close of trading Aug. 31.
“The MSCI index is a benchmark for managers, so funds that replicate it in their portfolios now have to buy these shares,” Henrique Kleine, the chief analyst at brokerage Magliano SA, said in a phone interview from Sao Paulo. “Besides that, perspectives for Marcopolo are very good as it should benefit from the new investment plan on infrastructure the Brazilian government announced.”
Transportation Minister Paulo Sergio Passos said in Brasilia yesterday that the government will sell licenses to build and operate roads and railways worth as much as 133 billion reais ($66 billion) to bolster the recovery. In June, the government said it added 6.6 billion reais to money set aside to buy buses, tractors, trucks and other equipment as part of a plan to fuel growth.
Marcopolo rose 55 percent this year through yesterday while the Bovespa gained 2.5 percent during the same period.