Brazilian Stocks Climb as Commodities Gain Lifts Steelmakers
(Bloomberg) -- The Ibovespa gained for the sixth time in seven sessions as higher commodity prices bolstered the outlook for Brazilian raw-material producers, with steelmakers among the biggest gainers.
Cia. Siderurgica Nacional was the best performer, with competitors Gerdau SA and Usinas Siderurgicas de Minas Gerais SA adding at least 2 percent. State-run oil producer Petroleo Brasileiro SA contributed the most to the Ibovespa's gain. Mining company Vale SA jumped the most in a week.
Commodities gained and U.S. stocks advanced after the minutes from the Federal Reserve's last meeting indicated that a weak jobs report in May fueled uncertainty among policy makers about the outlook for the economy. The Ibovespa had earlier declined as much as 2 percent.
“Brazilian stocks rebounded a little following increased optimism abroad after the Fed minutes,” Joao Pedro Brugger, an economist at Leme Investimentos, said in a phone interview.
Investors are also waiting for the government to announce its fiscal target for 2017, Brugger said. Acting Planning Minister Dyogo Oliveira said that next year's goal should be announced tomorrow, adding that no decision has been made yet about tax increases and other adjustment measures.
The Ibovespa climbed 0.1 percent to 51,901.81 at the close of trading in Sao Paulo. CSN jumped 5.2 percent. Petrobras, as Petroleo Brasileiro is known, rose 2.3 percent. The Bloomberg Commodity Index advanced 0.1 percent.
--With assistance from Denyse Godoy To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net. To contact the editors responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net, Sebastian Boyd
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