Brazilian Homebuilders Rally on Valuation, Interest-Rate Outlook
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Homebuilers rallied in Sao Paulo, led by Rossi Residencial SA, with the BM&FBovespa Real Estate Index rebounding from a seven-month low as investors bet that the impact of higher interest rates may be less than estimated.
Rossi jumped 6.3 percent to 12.97 reais at 2:09 p.m. New York time, heading to the steepest rise since Oct. 13, and leading gains on the index, which climbed 3 percent. Gafisa SA advanced 4.7 percent to 10.17 reais.