Brazil’s Bovespa Rises to Seven-Week High, Led by Homebuilders
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Brazil’s Bovespa stock index rose to the highest level in seven weeks as record credit and consumer confidence boosted the outlook for property firms, while rising commodities prices lifted producers.
Homebuilder MRV Engenharia & Participacoes SA reached a record, leading real-estate gains after Brazilian consumer confidence rose for a seventh month and bank lending grew the most in a year. BM&FBovespa SA, the operator of Latin America’s biggest exchange, also rose to a record, surging ahead of a $78 billion stock offering by Petroleo Brasileiro SA. Iron-ore miners Vale SA and MMX Mineracao & Metalicos SA rallied as metals prices gained.