Ibovespa futures fell as lower commodity prices dimmed the outlook for Brazilian exporters and after cosmetics maker Natura Cosmeticos SA’s quarterly sales missed analysts’ estimates.
Power utility Energias do Brasil SA may move as earnings trailed analysts’ average forecast. Retailer Lojas Americanas SA may be active after announcing a share buyback plan.
Ibovespa futures contracts expiring in August dropped 0.9 percent to 47,890 at 9:30 a.m. in Sao Paulo. The real was little changed at 2.2512 per dollar. The Standard & Poor’s GSCI index of 24 raw materials retreated 0.6 percent. Commodities producers account for 38 percent of the Ibovespa’s weighting.
Brazil’s benchmark equity gauge slumped 21 percent this year through yesterday. The Ibovespa trades at 12.3 times analysts’ earnings estimates for the next four quarters, compared with 10.4 for the MSCI Emerging Markets Index of 21 developing nations’ equities.
Trading volume for stocks in Sao Paulo was 5.5 billion reais yesterday, compared with a daily average of 7.7 billion reais this year, according to data compiled by the exchange.