Brazilian Stocks Jump to Record as Lula's Conviction Upheld
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The Ibovespa rose to a record high, pushing gains this year to more than 9 percent, after a Brazilian appeals court unanimously upheld a graft sentence against former President Luiz Inacio Inacio Lula da Silva, likely preventing the front-runner in presidential opinion polls from seeking election this year.
The index climbed as much as 3.7 percent, surpassing 83,000 for the first time, as 60 of its 64 member stocks rose. Among the top contributors to the advance were retailers Magazine Luiza and Via Varejo, poised to benefit from an economy that is expected to grow 2.5 percent in 2018, according to a Bloomberg survey. State-owned companies including utility Centrais Eletricas Brasileiras, Banco do Brasil and Petrobras also rallied.