By Jeffrey T. Lewis
SAO PAULO--Brazilian shares rose Tuesday, following world
markets higher as investors' attention turned to the Federal
Reserve's policy meeting, and the real strengthened against the
dollar.
The Ibovespa stocks index climbed 1.1% to 53702 points. The real
exited active trading at 3.0912 to the dollar, according to Tullett
Prebon via FactSet, after closing at 3.1266 on Monday.
Uncertainty about Greece's ability to renegotiate its debt
payments had dragged world-equity markets lower in recent days amid
concern the country might default and be forced out of the euro
common currency.
That concern remains, analysts said, but investors are starting
to look more closely at the Federal Reserve's monetary-policy
meeting, which started Tuesday and ends Wednesday. The Fed isn't
expected to start raising interest rates yet, but markets will be
looking for hints about when the bank will finally make a move.
Many of the most heavily weighted companies in the Ibovespa rose
Tuesday. State-controlled oil company Petroleo Brasileiro SA, or
Petrobras, gained 2.8% to 13.35 reais, and state-controlled lender
Banco do Brasil SA advanced 3.3% to 23.21 reais.
Private sector banks Itau Unibanco Holding SA and Banco Bradesco
also rose, with Itau closing up 3.5% to 34.55 reais and Bradesco
climbing 1.6% to 27.15 reais.
Several Brazilian retailers declined Tuesday after the country's
statistics agency reported that retail sales unexpectedly fell in
April from March as shoppers cut back on big-ticket purchases.
Cosmetics maker Natura Cosmeticos SA retreated 2.6% to 27.67 reais
and clothing retailer Cia Hering SA fell 1.7% to 12.17 reais.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com