Ibovespa futures fell, after Brazil’s benchmark index rose to the highest in eight months, as President Dilma Rousseff held her lead in an election poll.
Petroleo Brasileiro SA and Centrais Eletricas Brasileiras SA, which have rallied on speculation that a change in government would reduce intervention in state-run companies, may move. Vale SA, the world’s largest iron-ore producer, may be active after Itau BBA SA cut its recommendation for the stock.
Ibovespa futures contracts due in August dropped 0.7 percent to 55,585 at 9:39 a.m. in Sao Paulo. The real lost 0.2 percent to 2.2329 per dollar. Brazilian markets were closed yesterday for a holiday.
Support for Rousseff ahead of the Oct. 5 election was 39 percent, compared with 38 percent in a previous poll this month, an Ibope survey showed yesterday. Her lead grew by 2 percentage points, the same as the margin of error in the survey of 2,002 people from June 13-15 that was commissioned by the National Industry Confederation.
Brazil’s benchmark stock gauge entered a bull market on May 7 as the slowest economic growth of any government since 1992 and above-target inflation eroded Rousseff’s support.