Ibovespa Futures Fall as Support for Rousseff Re-Election Rises

Ibovespa futures dropped after a poll showed growing support for President Dilma Rousseff’s re-election bid for the first time this year.

Multiplus SA, operator of the frequent-flier program for the Brazilian unit of Latam Airlines Group SA, may move after JPMorgan Chase & Co. cut its recommendation on the stock to the equivalent of hold. T4F Entretenimento SA may be active as newspaper Folha de S.Paulo reported it may promote Fuerza Bruta’s show Wayra in Brazil.

Ibovespa futures contracts due in August declined 0.8 percent to 53,190 at 9:12 a.m. in Sao Paulo. Earlier polls showing reduced support for Rousseff helped push the benchmark equity gauge to a bull market on May 7 as Petroleo Brasileiro SA rallied on speculation a change in government will diminish intervention in state-run companies.

Rousseff’s support among voters in the Oct. 5 election rose to 38 percent from 34 percent in June, according to a Datafolha poll published yesterday on Folha’s website. Aecio Neves of the Brazilian Social Democracy Party had 20 percent, up from 19 percent. The July 1-2 survey of 2,857 people has a margin of error of two percentage points.

Trading volume of stocks in Sao Paulo was 6.03 billion reais yesterday, compared with a daily average of 6.57 billion reais this year, according to data from the exchange.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE