Ibovespa Futures Gain as China Data Boost Outlook for ExportersDenyse Godoy
Ibovespa futures rose, following the biggest monthly gain in the benchmark index since March, as an expansion in China’s manufacturing bolstered the outlook for Brazil’s exporters.
Health-insurance company Qualicorp SA may be active as Bank of America Corp. cut its recommendation on the stock to the equivalent of hold.
Ibovespa futures contracts due in August added 0.5 percent to 53,975 at 9:23 a.m. in Sao Paulo. China is Brazil’s main trading partner.
Chinese manufacturing expanded in June at the fastest pace this year, adding to signs that the government’s efforts to arrest a slowdown are helping to stabilize the economy. The Purchasing Managers’ Index increased to 51 from 50.8 in May. Numbers above 50 signal expansion.
The Ibovespa entered a bull market on May 7, surging 20 percent from this year’s low on March 14, as Petroleo Brasileiro SA rallied on speculation a change in government will reduce intervention in state-run companies.
Trading volume of stocks in Sao Paulo was 5.42 billion reais yesterday, compared with a daily average of 6.6 billion reais this year, according to data from the exchange.