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Brazil stocks rising sharply on commodities

Brazil stocks rising sharply on commodities

Brazil's stocks are rising sharply in early trading on higher commodity prices and hopes the worst of the global crisis is over.
The Ibovespa stock index jumped 3.2 percent to 48,786 a half hour into trading Monday.
Market heavyweights are leading the index higher.
State-run oil company Petroleo Brasileiro SA is up 3.2 percent on recent jumps in oil prices.
Companhia Vale do Rio Doce SA is up 3.9 percent on higher metal prices. The company is the world's largest producer of iron ore and it is benefiting from the belief that the global crisis is easing and demand for its ore will increase _ principally in China.
Together, Vale and Petrobras represent 30 percent of the Ibovespa index.


Updated : 2021-01-23 01:17 GMT+08:00