Ibovespa Futures Climb as Commodity Gain Bolsters Export Outlook

Ibovespa futures rose as a rally in commodity prices bolstered the outlook for Brazil’s exporters of raw materials.

Phone carrier Tim Participacoes SA may be active as quarterly profit beat analysts’ estimates. Tobacco producer Souza Cruz SA may move after Banco Bradesco SA’s brokerage unit cut its recommendation on the stock to the equivalent of hold.

Ibovespa futures contracts due this month added 1.2 percent to 50,115 at 9:32 a.m. in Sao Paulo. The Standard & Poor’s GSCI index of 24 raw materials rose 0.9 percent after Ukraine and Russia agreed to a cease-fire. Commodity producers account for about one-quarter of the Ibovespa’s weighting.

“The main driver for Brazilian stocks is the improvement in the international mood after the cease-fire in Ukraine, which is fueling a gain in commodities,” Pedro Paulo Silveira, the chief economist at brokerage firm TOV Corretora, said by phone from Sao Paulo.

The benchmark stock index entered a bear market Dec. 12 after falling 22 percent from last year’s high in September. Trading volume of equities in Sao Paulo was 6.5 billion reais ($2.3 billion) on Thursday, according to the exchange. That matches the daily average this year.

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