Brazil’s Stocks Advance as New Government Fuels Growth Optimism
- Vice President Temer takes over as the country’s top leader
- Meatpacker JBS gains the most since 2008 on U.S. listing
The Long Road Ahead for Brazil's Economy
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Brazilian stocks extended one of the world’s biggest rallies after the Senate voted to suspend President Dilma Rousseff, clearing the way for a new government investors are wagering will be better able to pull the country out of its worst recession in a century.
The Ibovespa index rose 0.9 percent to 53,241.32 at the close of trading in Sao Paulo, led by gains in companies that benefit from consumer demand. Drugstore chain Raia Drogasil SA rose to a record. Lenders Itau Unibanco Holding SA and Banco Bradesco SA were among the biggest contributor’s to the gauge’s advance.