Ibovespa Futures Rise as Gain in Commodities Supports Exporters
Ibovespa futures climbed, following the biggest advance in the benchmark equity gauge in six months, as commodities prices gained, supporting the outlook for Brazil’s raw-materials exporters.
CPFL Energia SA, Brazil’s second-biggest power utility by revenue, may be active as quarterly earnings exceeded analysts’ estimates. Phone carrier Oi SA (OIBR4) may move as its plan to sell shares was suspended for as much as 30 days by Brazil’s securities regulator.
Ibovespa futures contracts due in April rose 0.7 percent to 50,260 at 9:28 a.m. in Sao Paulo. The benchmark index added 3.5 percent yesterday in its biggest rally since Sept. 2. The real weakened 0.2 percent to 2.2631 per U.S. dollar today. The Standard & Poor’s GSCI index of 24 raw materials increased for a sixth straight day, gaining 0.2 percent.
Brazil’s benchmark equity gauge entered a bear market March 14 after falling 20 percent from its October high through that day. The gauge has since pared the drop to 12 percent. Trading volume of stocks in Sao Paulo was 10.4 billion reais yesterday, compared with a daily average of 6.43 billion reais this year, according to data from the exchange.
To contact the reporter on this story: Denyse Godoy in Sao Paulo at firstname.lastname@example.org