Oct. 21 (Bloomberg) -- Most Brazilian stocks advanced as iron-ore producer Vale SA led gains by exporters as a weaker real boosted the outlook for sales abroad.
The MSCI Brazil/Materials index was the best performer among 10 industry groups. Lupatech SA, a provider of oil equipment and services, rallied after saying it’s considering changes to its capital structure.
The Ibovespa was little changed at 55,402.53 at 11:04 a.m. in Sao Paulo, with 40 stocks higher and 31 lower. The real weakened as much as 0.4 percent to 2.1782 per U.S. dollar amid signs the central bank may pare back its support for the currency. The Bloomberg Base Metals 3-Month Price Commodity Index added 0.3 percent as copper rose after data showed an increase in China imports.
"The real may have peaked, and a weaker currency can benefit exporters," Alvaro Bandeira, a partner at Orama Asset Management, said in a phone interview from Rio de Janeiro. "The outlook for global growth is positive, China will probably keep growing at a reasonable rate, and Brazil may benefit from that."
Vale advanced 1.2 percent to 32.05 reais. Lupatech jumped 59 percent to 94 centavos. JBS SA, the world’s largest beef producer, added 1.3 percent to 8.10 reais.
--Editors: Brendan Walsh, Dennis Fitzgerald
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