Brazil Stocks Rise With Petrobras Before Interest-Rate Decision
- State-owned oil producer contributes most to Ibovespa’s gain
- Homebuilder Gafisa advances on increase of new projects
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Brazil’s Ibovespa rose for a fifth consecutive day, buoyed by state-controlled oil producer Petroleo Brasileiro SA, as investors bet that the central bank will start reducing the highest borrowing costs in the G-20 on Wednesday.
Petrobras, as Petroleo Brasileiro is known, contributed the most to the benchmark equity index’s advance after crude gained on lower U.S. stockpiles. Steelmaker Usinas Siderurgicas de Minas Gerais SA was one of the best performers on the index as investment bank Banco Itau BBA SA withdrew a sell recommendation on the stock. Homebuilder Gafisa SA rose to the highest since April after reporting a 21 percent increase in new projects in the third quarter.