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Ibovespa Retreats on Rate Outlook After Biggest Surge Since 2012

The Ibovespa declined amid speculation that yesterday’s jump, the biggest in 13 months, was excessive given concern that Brazilian policy makers may further increase interest rates to fight inflation.

Education company Anhanguera Educacional Participacoes SA was the worst performer on the gauge. Brewer Cia. de Bebidas das Americas fell the most in two weeks. HRT Participacoes em Petroleo SA gained after saying it is looking for partners to extract gas it discovered in the Amazon region’s Solimoes Basin.

The Ibovespa fell 0.4 percent to 51,625.50 at the close of trading in Sao Paulo, with 48 stocks falling and 22 rising. The index jumped 3.7 percent yesterday, the most among major global equity gauges, as oil company OGX Petroleo e Gas Participacoes SA, the fourth-heaviest weighted stock on the measure, surged 33 percent.

“Yesterday’s gain doesn’t really reflect what’s going on with the Brazilian economy,” Henrique Kleine, the head analyst at Sao Paulo-based brokerage Magliano SA, said in a phone interview. “Yesterday’s rally was too influenced by OGX. If you think about the economy in general, you still have issues. Interest rates will probably keep rising and that could hurt the recovery.”

Brazilian swap rates, a gauge of expectations for interest-rates moves, rose on most contracts even after a report today showed industrial production in Latin America’s largest economy dropped more than forecast in July. Policy makers led by central bank President Alexandre Tombini last week lifted the benchmark Selic rate to 9 percent from 8.5 percent.

Anhanguera lost 6.4 percent to 13.40 reais. AmBev, as Cia. de Bebidas is also known, declined 3.4 percent to 81.40 reais. HRT gained 1.3 percent to 1.57 reais.

Gol Falls

Airline Gol Linhas Aereas Inteligentes SA fell 2.5 percent to 8.67 reais after it was lowered to the equivalent of sell at Banco Santander SA.

The Ibovespa earlier today rose as much as 0.9 percent as homebuilders including Gafisa SA and Rossi Residencial SA advanced. Brazil’s main equity index has gained 15 percent from this year’s low on July 3 as higher commodities prices and a weaker real fueled a rally in raw-material exporters. The gauge climbed 8.9 percent in dollar terms during the period, compared with an advance of 2.6 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo was 7.24 billion reais today, according to data compiled by Bloomberg. That compares with a daily average of 7.74 billion reais this year through Aug. 30, according to data compiled by the exchange.

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