(In an earlier story we stated that Brazil stocks are building
on Monday's gains, but on this Tuesday trading session are off day
highs above 16,000. The day highs for the index were above 60,000,
not 16,000 as previous stated. A corrected version follows).
Brazil stocks are building on Monday's gains, but on this
Tuesday trading session are off day highs above 60,000 and have
twice had to recover from bouts of selling pressure that have taken
the overall index to slightly negative territory.
At last look 43 of 70 member stocks were rising - more than 50
of them had been up inside the last hour - as investors weighed
reports of rising support for opposition party leader Marina Silva
for president, dimming prospects for the re-election of Dilma
Rousseff, against continued economic concerns.
Bloomberg reported that Ibovespa futures fell as a rally that
pushed Brazil's benchmark index to the highest level since February
2013 was deemed excessive considering the prospects for the
The benchmark Ibovespa index was up 0.4% at around 59,980 at
last look, below a day high 60,020.48. It rose 2.3% Monday, and has
climbed 33% from this year's low on March 14, the biggest increase
during that span among major stock markets.
Observers believe Silva, who is expected to be appointed by her
party PSB to run after an Aug. 13 plane crash claimed the life of
Eduardo Campos, will be less likely to intervene in state-owned
companies. Silva was Campo's running mate.
State-owned oil giant Petroleo Brasiliero, known as Petrobras,
was one of the biggest gainers Monday, with U.S.-traded ADRs rising
4.8% to close at $18.02.
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