Brazil Stocks Gain on Homebuilder Rally, Reserve Speculation
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The Bovespa stock index rose for the first time in three days as energy companies rallied on speculation an offshore oil field may hold up to 16 billion barrels of crude and traders bet on lower borrowing costs.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, gained after the head of the national petroleum regulator said the Libra field in the Santos Basin off the coast of southeastern Brazil may have 7.9 billion to 16 billion barrels of oil. OGX Petroleo e Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, gained. Cyrela Brazil Realty SA Empreendimentos e Participacoes led gains for homebuilders as traders pared bets for higher borrowing costs.