Bovespa Stock Index Drops as Banks Fall on Bradesco Earnings
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The Bovespa stock index dropped as state-controlled companies fell on presidential election speculation and Banco Bradesco SA reported profits that missed analysts’ estimates, sending financial stocks lower.
Bradesco, Brazil’s second-biggest bank by market value, led a drop on the Bovespa index after saying adjusted net income increased to 2.52 billion reais ($1.46 billion). Centrais Eletricas Brasileiras SA paced a decline for state-controlled companies after a poll showed presidential candidate Jose Serra falling further behind Dilma Rousseff to win the Oct. 31 election.