The Bovespa index rose for the first time in five days as Suzano Papel & Celulose SA led gains by raw-material producers amid a rally in commodity prices.
Oil company Petroleo Brasileiro SA advanced as crude gained on eased concern that Europe’s crisis will worsen after lenders agreed to the outlines of a bailout for Cyprus.
The Bovespa index gained 0.3 percent to 55,397.79 at 10:47 a.m. in Sao Paulo. Forty-five stocks rose on the gauge while 22 fell. The real weakened 0.1 percent to 2.0120 per dollar. Crude for May delivery rose as much as 1.3 percent in New York after Cyprus reached an accord with creditors, setting the framework for 10 billion euros ($13 billion) of emergency loans to stave off the threat of default.
“You can see gains one day or the other, but overall the outlook for the stock market is still doubtful,” Clodoir Vieira, an economist at Sao Paulo-based brokerage Souza Barros Corretora, said in a phone interview. “You can have stocks rising in a day of more positive headlines, but problems in Europe are still serious and need to be watched closely.”
Suzano gained 1.4 percent to 7.16 reais. Petrobras, as Petroleo Brasileiro is also known, advanced 0.8 percent to 18.77 reais.