May 27 (Bloomberg) -- Most Brazilian stocks rose as iron-ore mining company MMX Mineracao & Metalicos SA and steelmaker Gerdau SA led gains among producers of raw materials.
MMX climbed to the highest level in four weeks, and Gerdau snapped a three-day drop. JBS SA, the world’s biggest beef producer, rallied to the highest in more than two months. Meatpacker Marfrig Alimentos SA rose 3.4 percent to 7.97 reais, the biggest gainer on the benchmark Ibovespa index.
The Ibovespa was little changed at 56,395.94 at the close of trading in Sao Paulo. Thirty-six stocks advanced on the gauge while 34 dropped. Trading volume for the index’s members was 55 percent less than the average over the previous 10 days, data compiled by Bloomberg show. Markets in the U.S. were closed for a holiday. The real dropped 0.3 percent to 2.0571 per dollar, extending a four-week slide.
“We have some commodities rising,” Luis Gustavo Pereira, an analyst at Futura Corretora in Sao Paulo, said by phone from Sao Paulo. “It could lift producers on a day when there isn’t much news to move the markets.”
MMX rose 2.3 percent to 2.23 reais. Gerdau added 1.6 percent to 13.45 reais. JBS advanced 1.7 percent to 7.02 reais, the highest since March 15.
Retailers fell as a central bank survey showed that economists covering Brazil cut their 2013 growth forecasts.
Brazil’s gross domestic product will grow 2.93 percent this year, according to the median estimate of about 100 economists surveyed by the central bank. That compares with a forecast of 2.96 percent a week earlier.
B2W Cia. Digital, Brazil’s biggest online retailer, lost 1.8 percent to 12.08 reais, falling for the first time in six days. Cia. Hering declined 1.9 percent to 42.30 reais.
“The central bank survey seems to reinforce the prospects for another year of disappointing growth,” Pereira said.
The Ibovespa has declined 7.5 percent this year, underperforming emerging markets including China, Russia and India. Brazil’s main equity index trades at 13 times analyst earnings estimates for the next four quarters, compared with 10.8 for the MSCI Emerging Markets Index of 21 developing nations’ equities, according to data compiled by Bloomberg.
Trading volume for stocks in Sao Paulo was 2.58 billion reais today, according to data compiled by Bloomberg. That compares with a daily average of 7.73 billion reais this year through May 23, according to data compiled by the exchange.
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