The Bovespa (IBOV) index headed for a one- week high as gains in commodities boosted the outlook for Brazilian raw-material producers after a U.S. central banker said policy should stay accommodative.
OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, contributed the most to the gauge’s advance. Banco do Brasil SA climbed as an executive said the bank is in talks that may lead to acquisitions in Florida and New Jersey.
The Bovespa index rose 0.5 percent to 61,814 at 10:26 a.m. in Sao Paulo. Fifty-one stocks increased on the measure while 17 fell. The real strengthened almost 0.1 percent to 2.0328 per dollar. The Standard & Poor’s GSCI index of 24 raw materials climbed 0.6 percent after Federal Reserve Bank of Chicago President Charles Evans said today in Hong Kong that monetary policy has “an important contribution to make” as U.S. lawmakers reduce government spending to tame the deficit.
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