Ibovespa Rises as Recovery Optimism Outweighs Commodity Decline
- Index remains world’s best performer this year in dollar terms
- Retailers gain on consumer confidence, inflation data
The Ibovespa rose for the first time in three days as companies that depend on domestic demand got a boost from a report showing Brazil’s consumer confidence is rising, offsetting a drop in commodity producers.
Retailer Lojas Renner SA was the best performer on the MSCI Brazil Consumer Discretionary Index, which gained the most among 11 industry groups as the Getulio Vargas Foundation reported that seasonally adjusted consumer confidence climbed to the highest since January 2015. Bets on lower interest rates after the central bank said inflation would meet its target next year for the first time since 2009 also buoyed for-profit college managers Kroton Educacional SA and Estacio Participacoes SA. State-controlled oil producer Petroleo Brasileiro SA slumped with crude prices as Iran said it’s unwilling to freeze output at current levels.