Brazilian Stocks Lead World Equity Gains as Petrobras Advances
- Advance in raw materials improves the outlook for exporters
- Investors await results of British EU membership referendum
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The Ibovespa led gains among the world’s biggest stock markets as commodities from iron ore to crude advanced, improving the outlook for Brazil’s raw-materials producers.
State-controlled oil giant Petroleo Brasileiro SA was one of the biggest contributors to the benchmark equity index’s advance after U.S. crude stockpiles dropped, sending prices toward $50 a barrel. Steelmakers Cia. Siderurgica Nacional SA and Usinas Siderurgicas de Minas Gerais SA rallied. Materials companies account for 22 percent of the Ibovespa’s weighting.