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Ibovespa Gains as Itau Rallies After Brazil Court Delays Ruling

The Ibovespa rose from a four-week low with banks rallying after Brazil’s supreme court delayed a ruling that could cost lenders as much as $153 billion.

Itau Unibanco Holding SA contributed the most to the benchmark stock gauge’s advance, while state-controlled lender Banco do Brasil SA was the best performer on the MSCI Brazil/Financials index. MRV Engenharia e Participacoes SA led gains among homebuilders on speculation the central bank will stop raising borrowing costs today.

The Ibovespa climbed 0.9 percent to 52,639.75 at the close of trading in Sao Paulo. It fell to the lowest since April 30 yesterday. Fifty-five stocks rose on the gauge while 14 dropped today. The real gained 0.2 percent to 2.2335 per dollar at 5:45 p.m. local time.

“This postponement will give banks more time to defend themselves on this case,” Rodrigo Martin, an analyst at Quantitas Asset Management, said in a phone interview from Porto Alegre, Brazil. “Investors now expect the ruling to happen only next year.”

Banco do Brasil rose 3.4 percent to 23.34 reais while the financials index added 1.5 percent. Itau climbed 1.8 percent to 36.35 reais and Banco Bradesco SA rose 1 percent to 32.53 reais. The supreme court today delayed indeterminately its ruling on a case in which depositors sued lenders for as much as 341.5 billion reais over savings-account losses related to government policies to curb hyperinflation in the 1980s and 1990s.

MRV gained 4.3 percent to 7.04 reais, its highest level since May 15, as concern eased that higher borrowing costs will sink home sales. The rally was the biggest on the BM&FBovespa Real Estate index, which added 1.1 percent.

Iron Ore

Vale SA, the world’s biggest iron-ore mining company, retreated 0.4 percent to 26.55 reais. Iron ore with 62 percent content delivered to the Chinese port of Tianjin fell 1.3 percent to $96.80 a dry ton today, the lowest since September 2012, according to The Steel Index Ltd. Global supplies are set to exceed demand by 175 million metric tons next year as exports from Australia and Brazil increase, Goldman Sachs Group Inc. predicts.

The Ibovespa entered a bull market on May 7, surging 20 percent from this year’s low on March 14, as Petroleo Brasileiro SA rallied on speculation a change in government will reduce intervention in state-run companies.

Trading volume of stocks in Sao Paulo was 5.5 billion reais today, according to data compiled by Bloomberg. That compared with a daily average of 6.65 billion reais this year, according to data from the exchange.

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