Brazil Stocks in Longest Rally Since March on Political Outlook
- Election of lower house head vital for economy recovery plan
- Lenders Itau, Bradesco contribute most to Ibovespa’s advance
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The Ibovespa gained for a sixth consecutive session, heading for its longest rally since March, amid speculation that Brazil’s lower house will elect a speaker who supports Acting President Michel Temer’s proposals to cut Brazil’s budget deficit.
Itau Unibanco Holding SA and Banco Bradesco SA, Brazil’s largest banks, contributed the most to the gauge’s advance. State-controlled oil producer Petroleo Brasileiro SA, known as Petrobras, followed crude lower after data showed U.S. supplies rose.