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Ibovespa Futures Rise as Gain in Metals Offsets S&P Downgrade

Ibovespa futures climbed as a gain in the price of metals overshadowed a reduction of Brazil’s credit rating by Standard & Poor’s.

Medical diagnostics company Diagnosticos da America SA may be active after quarterly earnings exceeded estimates. State-controlled oil producer Petroleo Brasileiro SA and power utility Centrais Eletricas Brasileiras SA may move after their ratings were lowered by S&P.

Ibovespa futures contracts due in April rose 0.3 percent to 48,415 at 9:26 a.m. in Sao Paulo. The real was little changed at 2.3228 per U.S. dollar. The Bloomberg Base Metals 3-Month Price Commodity Index advanced 1.2 percent on speculation China will take additional measures to support growth.

“Brazilian stocks have fallen a lot for months, so the downgrade was already expected and pretty much priced in,” Alvaro Bandeira, a partner at Orama Asset Management, said by phone from Rio de Janeiro.

S&P reduced Brazil’s credit rating after the market closed yesterday to BBB-, the lowest investment grade, citing sluggish economic growth and expansionary fiscal policies that increased debt. The change is “inconsistent with the solidity and the fundamentals of Brazil,” the Finance Ministry said in an e-mailed statement.

Brazil’s benchmark equity gauge entered a bear market March 14 after falling 20 percent from its October high through that day. The gauge has since pared the drop to 15 percent. Trading volume of stocks in Sao Paulo was 5.6 billion reais yesterday, compared with a daily average of 6.38 billion reais this year, according to data from the exchange.

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