Ibovespa Futures Climb as Gain in Metals Boosts Export OutlookDenyse Godoy
Ibovespa futures rose as an increase in metal prices improved the outlook for Brazil’s raw-material exporters including miner Vale SA.
Drugstore chain Brasil Pharma SA may move after newspaper Valor Economico reported it hired a restructuring consultant and will replace its chief executive officer. Steelmaker Usinas Siderurgicas de Minas Gerais SA, known as Usiminas, may be active as Standard & Poor’s cut its credit rating one level to BB from BB+.
Ibovespa futures contracts due in April advanced 0.1 percent to 52,405 at 9:36 a.m. in Sao Paulo. The Bloomberg Base Metals 3-Month Price Commodity Index added 0.5 percent. Commodity producers account for about one-fourth of the benchmark stock index’s weighting.
“The increase in metal prices is positive for exporters,” Luiz Roberto Monteiro, a trader at brokerage firm Renascenca DTVM, said by phone from Sao Paulo.
The Ibovespa 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 8.5 billion reais ($2.6 billion) Friday, according to the exchange. That compares with a daily average of 6.7 billion reais this year.