Vale Pushes Ibovespa to Highest in Seven Weeks as Iron Ore Rises
- Steelmakers CSN, Metalurgica Gerdau among biggest gainers too
- Power utility CPFL rallies after State Grid acquires stake
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The Ibovespa advanced to its highest level in seven weeks as gains in metals lifted miner Vale SA and steelmakers including Cia. Siderurgica Nacional SA.
Iron ore advanced on speculation that China, the main destination for Brazil’s metals and commodity exports, will restrict output. Power utility CPFL Energia SA rallied to the highest since 2012 after State Grid Corp. of China agreed to acquire Camargo Correa SA’s 23 percent stake at a 22 percent premium. Bradespar SA, a holding company that has Vale and CPFL as its main investments, climbed to the highest price since September.