Brazil Stocks Rise With Vale as Goldman Boosts Iron-Ore Outlook
- Mining company is biggest contributor to Ibovespa’s advance
- Santander Brasil advances after better-than-estimated results
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The Ibovespa rose for the first time this week as miner Vale SA and steelmakers including Metalurgica Gerdau SA climbed after Goldman Sachs Group Inc. raised its estimates for iron-ore prices.
Gerdau and rival Usiminas Siderurgicas de Minas Gerais SA posted the best rallies on the index. The Ibovespa snapped a two-day decline after newspaper Valor Economico reported that Acting President Michel Temer has already secured two-thirds of the necessary votes among lawmakers to pass measures aimed at trimming a budget deficit.