Ibovespa Futures Climb as Commodity Gain Buoys Exporter OutlookDenyse Godoy
Ibovespa futures advanced, following the biggest weekly rally for the benchmark stock index since September, as an increase in commodity prices buoyed prospects for Brazilian exporters.
Lender Banco Bradesco SA may be active after Credit Suisse Group AG recommended buying the stock. Power utility Cia. Energetica de Sao Paulo may move after reporting a surprise loss in the fourth quarter.
Ibovespa futures contracts due in April added 0.4 percent to 47,820 at 9:36 a.m. in Sao Paulo. The equity index gained 5.4 percent last week. The Standard & Poor’s GSCI index of 24 raw materials climbed 0.3 percent today. The real strengthened 0.3 percent to 2.3176 per U.S. dollar.
Brazil’s benchmark equity gauge entered a bear market on March 14 after falling 20 percent from its October 2013 high through that day. The gauge has since pared the drop to 16 percent. Trading volume of stocks in Sao Paulo was 7.5 billion reais March 21, compared with a daily average of 6.36 billion reais this year, according to data from the exchange.