Ibovespa Futures Rise Before Petrobras Call on Delayed Results

Ibovespa futures advanced before state-run Petroleo Brasileiro SA holds a conference call on delayed quarterly results amid allegations of corruption.

Cielo SA may be active after Veja magazine reported it agreed to pay 9 billion reais ($3.4 billion) to take over Banco do Brasil SA’s credit card operations. Power utility Centrais Eletricas Brasileiras SA could move as its quarterly loss exceeded the estimate of Banco Santander Brasil SA.

Ibovespa futures contracts expiring in December climbed 0.4 percent to 52,345 at 9:30 a.m. in Sao Paulo. Petrobras, as Petroleo Brasileiro is known, is due to hold a conference call with investors and analysts at 11 a.m. local time and a press conference after that about operational results and the delay of the release of third-quarter earnings.

Police found “strong evidence” that at least seven construction companies formed a cartel to win public contracts, including a combined 59 billion reais in orders from Petrobras, officers including Commissioner Igor Romario de Paula said Nov. 14 in Curitiba, Brazil, where the case is before a judge. They declined to name the alleged cartel members. Petrobras’s press office didn’t respond to a request for comment.

Brazil’s benchmark stock index has fallen 16 percent from this year’s high in September as President Dilma Rousseff’s re-election Oct. 26 ended speculation that a victory for an opposition candidate would help to boost growth and reduce intervention in state-owned companies.

Trading volume of equities in Sao Paulo was 6.8 billion reais on Nov. 14, according to the exchange. That compares with a daily average of 7.2 billion reais this year.

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