The index of Sao Paolo stock exchange Ibovespa rose for a second straight day
as Gerdau SA led steelmakers higher amid speculation that
Brazilian producers will increase prices this month.
The Ibovespa climbed 1.4 percent to 48,628.65 at 10:20 a.m. in Sao Paulo, with 61 of its 68 stocks higher. The real strengthened 0.8 percent to 2.6786 per dollar.
State-run oil producer Petroleo
Brasileiro SA ended a six-day rout after saying the release of
non-audited third-quarter earnings this month eliminates “the
risk” of creditors requesting an early payment.
Usinas Siderurgicas de Minas Gerais SA and Cia. Siderurgica Nacional SA gained.
Gerdau climbed 4.5 percent to 10.13 reais after Valor Economico reported without saying where it got the information that Brazilian steelmakers will boost prices by as much as 8 percent this month.
Petrobras, as Petroleo Brasileiro is known, rose 1.3 percent to 8.44 reais after sinking 24 percent over the past six days amid a decline in oil and as Brazil’s federal police investigated allegations that builders paid bribes for contracts with the company.
The Ibovespa entered a bear market Dec. 12 after falling 22 percent from last year’s high in September through that day. Yesterday, according to the exchange, trading volume of equities in Sao Paulo was 7.66 billion reais. That compares with a daily average of 7.29 billion reais in 2014.
