Brazilian stocks rallied after a selloff yesterday spurred by President Dilma Rousseff’s re-election sent valuations to the cheapest levels in six months. The real strengthened from a nine-year low.
The benchmark Ibovespa climbed 3.6 percent to 52,330.03 at the close of trading in Sao Paulo, with state-owned oil producer Petroleo Brasileiro SA rallying 5.2 percent after posting its biggest one-day slump since 2008 yesterday. The index traded at 10 times estimated earnings for the next 12 months yesterday, the lowest level since April. The real strengthened 2.4 percent to 2.4610 per dollar.