Brazilian Stocks Rise as Boost in China’s Exports Lifts Usiminas
The Bovespa (IBOV) index gained for a second day as steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5) led gains by raw-material producers as signs of growth in China, Brazil’s biggest trading partner, lifted commodities.
OGX Petroleo & Gas Participacoes SA contributed the most to the gauge’s advance. Cia. Energetica de Sao Paulo led a rally by power utilities after Energy Minister Edison Lobao said electricity rates may increase if a lack of rain reduces output at hydropower dams and forces generators to fire up more expensive natural-gas plants to meet demand.
The Bovespa rose 0.3 percent to 61,762.64 at 10:36 a.m. in Sao Paulo. Thirty-eight stocks advanced on the measure while 27 fell. The real strengthened 0.2 percent to 2.0361 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials added 0.9 percent as China’s exports rose last month more than economists forecast.
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