Brazilian Stocks Post Best Month Since April as Real Declines
- Financial shares trading 32% below average of past decade
- Petrobras climbs on report company planning to sell assets
This article is for subscribers only.
Brazilian stocks extended their biggest monthly advance since April as banks rallied on speculation they are too cheap to pass up amid forecasts for higher profits. The real dropped.
Financial shares in the MSCI Brazil Index climbed 2 percent Friday, led by Itau Unibanco Holding SA. Still, the measure is trading 32 percent below the average of the past 10 years, according to data compiled by Bloomberg based on estimated earnings. Petroleo Brasileiro SA, the oil producer at the center of Brazil’s largest corruption scandal, climbed after newspaper Valor Economico reported its board approved the sale of assets.